The Ontario Securities Commission has approved the settlement agreement reached between staff of the Commission and BMO Nesbitt Burns Inc. The agreement follows an enforcement action initiated Wednesday, September 18, in which OSC staff alleged that the respondent acted contrary to the public interest and contrary to Ontario securities law.

Robert Davis, chair of the OSC panel that approved the settlement, told the hearing that “it was in the public interest” to approve the settlement agreement.

BMO Nesbitt Burns Inc. has agreed to the following sanctions:

  • Nesbitt will make a voluntary payment to the commission in the amount of $100,000.
  • Nesbitt is reprimanded by the commission.
  • Nesbitt will identify and implement new policies with respect to internal compliance reviews and non-trading activities in clients’ accounts to address concerns identified by Staff. Nesbitt will report to staff within six months identifying the policies and procedures that have been implemented.
  • Nesbitt will pay $45,000 in respect of the costs of the investigation.