Tariffs-Free Regulatory Importing?
Asad Akhtar
million for excessive fees. TD self-reported the matters to the Commission and
promptly/candidly cooperated with OSC Staff and Staff of IIROC and MFDA.129
Common Thread & Future Outlook
The common thread in both no-contest settlements include adequate compensation to
investors, prompt and candid cooperation with OSC/SRO Staff, and remedial action by the
respondents in relation to their internal policies and procedures. These are factors that have also
been highlighted in the Cooperation Policy. Additionally, the Commission indicated the
remedies obtained through the settlements would have likely been those sought through
traditional enforcement mechanisms.130
If these cases are indicative of future requirements for the availability no-contest
settlements, it may effectively dispel many of the concerns surrounding the use of the tool.
As
it stands, the OSC is seeking to balance the need for expediency in administrative proceedings
with that of accountability for violations of the Act. 131
129
Ibid.
Ibid.
131
Ryan Morris, “Mediation Pilot Program Caps Year of OSC Enforcement Developments”, Blakes (April 30,
2015), online: Blakes .
130
37