The Ontario Securities Commission (OSC) has suspended the registration of Antonetta Adebayo, a rep with Toronto-based mutual dealer WFG Securities Inc. after she repeatedly failed to pass the conduct and practices handbook (CPH) exam, the regulator announced on Tuesday.
The requirement to pass the CPH exam was part of several conditions that were imposed on Adebayo’s registration by the OSC in 2017 amid several concerns with her continued registration, including “concerns with her solvency and Adebayo’s failure to disclose a personal business, a direction to pay the Canada Revenue Agency, and a consumer proposal,” the OSC’s decision states.
As a result of those concerns, the regulator ordered Adebayo be placed under close supervision by WFG for one year, and that she pass the CPH exam by April 30. Adebayo consented to the imposition of the conditions.
However, despite four attempts (March 13, March 16, April 13, and May 28), Adebayo did not pass the CPH exam.
As a result, OSC staff concluded that she failed to comply with the conditions on her registration, and it sought her suspension.
“In staff’s view, Adebayo’s inability to successfully pass the CPH after four attempts, demonstrates that she currently lacks the requisite proficiency of a registered individual,” the OSC decision states.
According to the decision, Adebayo did not request a hearing to oppose that recommendation.