Israeli bank settles with OSC over unregistered trading

first_img OSC steps up crypto enforcement Related news Registration proves elusive for crypto firms: FCA Keywords RegistrationCompanies Ontario Securities Commission To settle the allegations, the bank agreed to make a $500,000 settlement payment to the OSC, and to either rely on the international dealer exemption, or seek registration in Ontario, if it engages in activities that require registration. According to the settlement, the allegations come in the wake of a compliance review carried out by the OSC and Quebec’s Autorité des marchés financiers (AMF), in cooperation with banking regulators, back in 2011 to determine whether any Ontario- and Quebec-based branches of foreign banks were engaged in securities-related business without registration. That review found that the bank had opened accounts for Ontario residents and engaged in trading and advising without an exemption. The OSC notes that the bank stopped opening accounts, closed accounts for investors that don’t qualify as “permitted clients”, and voluntarily took steps to bring itself into compliance with Ontario securities law. It also says that the bank fully cooperated during the investigation, and that they are not aware of any harm caused to clients. The settlement indicates that the bank maintains that it acted in good faith “but did not turn its attention to the fact that such trading and advising could be construed as a breach of Ontario securities law or as conduct contrary to the public interest.” James Langton center_img Unilateral Ontario reforms could hurt harmonization, provincial regs warn The Ontario Securities Commission (OSC) has settled allegations against an Israeli bank that it accused of trading without registration. The OSC says it has approved a settlement agreement with Bank Leumi Le Israel B.M., which sees the bank admit that it traded without proper registration in Ontario. Facebook LinkedIn Twitter Share this article and your comments with peers on social medialast_img read more