Regulation

IIROC expels firm for ceasing to carry on business

On December 14, 2016, a hearing panel of the Investment Industry Regulatory Organization of Canada (IIROC) accepted a settlement agreement, with sanctions, between IIROC staff and Union Securities Ltd. (Union).

By Staff |January 4, 2017

1 min read

Two men sentenced to jail over fraud convictions

The Ontario Securities Commission has announced that William Wallace and Robert Heward were each sentenced to four years in jail, and ordered to pay restitution in the amount of $6,672,955.48 by Justice McLeod at the Ontario Court of Justice in Toronto, Ontario, following convictions under the Securities Act (Ontario).

By Staff |December 20, 2016

2 min read

Mark your calendar: Jan release for embedded commissions paper

The Canadian Securities Administrators (CSA) is waiting until January 10, 2017 to publish a consultation paper about the option of discontinuing embedded commissions.

By Staff |December 16, 2016

1 min read

BMO registrants to compensate clients for $50M in excess fees

The Ontario Securities Commission (OSC) has approved a no-contest settlement agreement with BMO Nesbitt Burns Inc., BMO Private Investment Counsel Inc., BMO Investments Inc. and BMO InvestorLine Inc.

By Staff |December 15, 2016

2 min read