The Ontario Securities Commission (OSC) has settled with an exempt market dealer and mortgage broker, to resolve certain compliance concerns uncovered by the regulator.
The OSC said Monday it has approved a proposed settlement agreement with Ontario Wealth Management Corp. (OWEMANCO), which places conditions of the firm’s registration, including that it retain a compliance consultant to help address the deficiencies uncovered by a compliance exam of the firm, and that it report on its progress until the OSC is satisfied that the issues have been fixed. The firm also agreed to a $100,000 payment to the regulator.
The deal follows a 2013 compliance review that, the OSC reports, discovered a number of “significant deficiencies”; including that it had insufficient KYC documentation for certain clients, and didn’t properly document exemptions in a couple of instances; among other issues.
The OSC also noted several mitigating factors in the case including that the firm hired a compliance consultant and a new chief compliance officer. Also, no investors were harmed as a result of the deficiencies.