Charlie Macfarlane, OSC Executive Director, has approved a settlement agreement between staff of the Ontario Securities Commission and Assante Financial Management Ltd. regarding out-of-province trading.

From January 1, 2000 to October 2002, a number of Assante sales people served Ontario clients without being registered in Ontario.

Assante agreed that by failing to ensure that its salespeople did not trade on behalf of clients resident in Ontario without being registered, they failed to supervise their sales people in accordance with Ontario securities law.

Assante also agreed that between Oct. 18, 2001 and October 2002, it failed to enforce a written directive prohibiting out-of-province trading

As part of the settlement Assante has agreed to submit to an external review of its policies, procedures and internal controls regarding out-of-province trading and to implement any necessary recommendations at its expense.