IN THE MATTER OF THE SECURITIES ACT
R.S.O. 1990, c. S.5, as amended
BMO NESBITT BURNS INC.
(Sections 127 and 127.1)
WHEREAS the Ontario Securities Commission (the “Commission”) issued a Notice of Hearing dated November 8, 2010 (the “Notice of Hearing”) pursuant to sections 127 and 127.1 of the Securities Act, R.S.O. 1990, c. S.5, as amended (the “Act”), in respect of BMO Nesbitt Burns Inc. (“BMONB”);
AND WHEREAS on November 8, 2010, Staff of the Commission filed a Statement of Allegations in respect of BMONB;
AND WHEREAS BMONB entered into a Settlement Agreement dated November 8, 2010 (the “Settlement Agreement”) with Staff of the Commission in relation to the matters set out in the Statement of Allegations;
AND UPON reviewing the Settlement Agreement, the Notice of Hearing and the Statement of Allegations, and upon considering submissions of counsel for BMONB and Staff of the Commission;
AND WHEREAS the Commission is of the opinion that it is in the public interest to make this Order;
IT IS HEREBY ORDERED THAT:
- the Settlement Agreement is approved;
- BMONB is reprimanded;
- BMONB shall make a payment by certified cheque to the Commission in the amount of $3,000,000 for allocation to or for the benefit of third parties pursuant to s. 3.4(2)(b) of the Act; and
- BMONB shall make a payment by certified cheque to the Commission in the amount of $300,000 in respect of a portion of the costs of the investigation in this matter.
DATED at Toronto this 10th day of November, 2010.
James D. Carnwath