At a hearing yesterday, the Ontario Securities Commission approved a settlement agreement between staff of the commission, Zoran Popovic and DXStorm.Com Inc. Zoran Popovic agreed that on 95 occasions in 2002, he failed to file insider trading reports as required by law.

In approving the agreement, the OSC panel reprimanded Popovic, and ordered him to pay personally $5,500 towards the cost of the investigation and the proceeding.

The OSC also ordered DXStorm.Com Inc. to implement a Code of Conduct including an Insider Trading and Reporting Policy.

“By agreeing to the proposed sanctions, Popovic has acknowledged and accepted responsibility for his failure to fulfill his obligations to make timely filing of insider reports. Further, Popovic has fully rectified the situation by filing all of the outstanding reports,” said panel chairman Wendell Wigle, “DXStorm has adopted the Code of Conduct which addresses insider reporting and trading obligations, and ethical conduct generally. The Code of Conduct provides some assurance that the conduct which gave rise to this proceeding will not repeated.”