The Ontario Securities Commission (OSC) has lifted the final condition on the registration of a scholarship plan dealer, indicating that the firm has brought its compliance systems up to snuff.
Back in September 2012, the OSC imposed a series of terms and conditions on the registration of Children’s Education Funds Inc. (CEFI) under a temporary order, after a compliance review uncovered a number of deficiencies. Among other things, it was required to retain a consultant to help strengthen its compliance systems, and a monitor to review all applications from new clients.
Since then, the OSC has lifted various conditions in response to ongoing reports from the consultant. Today, the OSC indicated that the final remaining condition has now been lifted, and the temporary order revoked.
According to the order, the consultant confirmed that the procedures and controls it recommended have been implemented; that the firm is complying with the new procedures and controls; and, that the new procedures and controls appear to be working effectively and appear to be being enforced.