The Ontario Securities Commission (OSC) has revoked the conditions it had imposed on RESP dealer, Heritage Education Funds Inc. (HEFI), after the firm bolstered its compliance systems.
The OSC issued an order Friday deleting the terms and conditions imposed on the firm and revoking the temporary order that imposed those conditions. The conditions required the firm to retain a consultant to help it implement plans to strengthen its compliance systems, and to retain a monitor to review new client applications.
The monitoring conditions were withdrawn last year. On Friday, the OSC ordered the remaining conditions be removed, noting that the consultant retained by the firm has confirmed that its plan has been implemented, and that it has tested the implementation of the recommendations in the plan, and found that it is “working effectively”.