If the Ontario Securities Commission adopts controversial “no-contest” settlements that include fines but no admission of wrongdoing, it will not do so in cases where a person “has engaged in egregious, fraudulent or criminal conduct” or where harm to investors has not been addressed.
Canada’s largest capital markets regulator explained the planned policy ahead of hearings that are to take place June 17.
An initial proposal to adopt the type of settlement used frequently by regulators in the United States drew a raft of comments both in favour and opposed to the plan.
Barbara Shecter – Financial Post- June 5, 2013.