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Toronto, ON M5H 3S8
|FOR IMMEDIATE RELEASE
December 21, 2017
OSC Approves No-Contest Settlement Agreement with Assante Capital Management Ltd. and Assante Financial Management Ltd.
TORONTO – The Ontario Securities Commission (OSC) today approved a no-contest settlement agreement with Assante Capital Management Ltd. and Assante Financial Management Ltd. (the Assante Dealers) in relation to a matter that the Assante Dealers self-reported to the OSC.
This settlement follows allegations by Staff that there were inadequacies in the Assante Dealers’ systems of controls and supervision, which resulted in certain clients paying excess fees that were not detected or corrected in a timely manner. Staff do not allege, and have found no evidence of dishonest conduct by the Assante Dealers.
While having neither admitted nor denied the accuracy of the facts and conclusions of Staff, the Assante Dealers have agreed to the settlement, and are compensating clients a total of $3,825,910.60 and US$15,469.53 including opportunity costs on fees.
“To maintain confidence in the market, it is important that companies review their internal compliance systems,” said Jeff Kehoe, Director of Enforcement at the OSC.
In addition to the compensation to investors, the Assante Dealers have made a payment of $140,000 to advance the OSC’s mandate of protecting investors, plus a further payment of $25,000 to be allocated toward the costs of Staff’s investigation.
After reporting this matter, the Assante Dealers provided prompt, detailed and candid co-operation to Staff. The Assante Dealers have also implemented a program that will prevent a re-occurrence of this matter.
To date, the OSC has approved ten no-contest settlements, resulting in approximately $358 million in compensation to investors.
The mandate of the OSC is to provide protection to investors from unfair, improper or fraudulent practices and to foster fair and efficient capital markets and confidence in the capital markets. Investors are urged to check the registration of any persons or company offering an investment opportunity and to review the OSC investor materials available at http://www.osc.gov.on.ca
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