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Richmond Hill, Ont.-based Global RESP Corp. has agreed to pay a fine and accept the imposition of conditions on its registration for failing to enforce the terms of a previous settlement , the Ontario Securities Commission announced on Friday.

An OSC hearing panel approved the settlement in which Global RESP agreed to pay a $50,000 penalty and $25,000 in costs, along with accepting conditions on its registration designed to ensure that the firm’s founder and controlling shareholder, Issam El-Bouji (a.k.a. Sam Bouji), is not involved with the day-to-day running of the business.

The settlement aims to resolve allegations that Global RESP didn’t implement policies to enforce the terms of a 2014 settlement with the OSC properly. That settlement was intended to place the firm under independent control after the regulator found numerous compliance deficiencies and suspended Bouji for nine years.

Subsequently, the OSC found that Bouji was still involved with the running of the firm, in violation of the 2014 settlement.

The OSC alleged that the firm “failed to implement any policies or procedures designed to ensure that it complied with that restriction” on Bouji’s involvement, the hearing panel stated in its oral reasons for approval of Friday’s settlement.

The settlement sets out “explicit and detailed limitations on the relationship between the firm and Mr. Bouji,” the hearing panel stated. “The parties have designed the terms and conditions so as to remove Mr. Bouji from the operations and management of the firm, while at the same time acknowledging his legal rights as the controlling shareholder.”

The hearing panel also indicated that it decided to approve the settlement “reluctantly.”

In fact, the hearing panel stated that “Global RESP has shown no commitment to complying with the 2014 settlement. It failed to take its responsibility seriously, even in the face of staff’s continuing concerns, and even in the face of a commission decision in a related matter, which expressly noted the firm’s failure to respond appropriately. It is difficult for us to be confident that this time, Global RESP will comply with the commission’s order.”

Although this latest settlement is no guarantee that the firm will comply, the hearing panel concluded that the terms of this latest settlement are “reasonable.”

In addition to the terms and conditions on registration, the penalty and the payment of costs, the settlement calls for a reprimand to the firm.

“Global RESP must consistently abide by the rules, or its participation in the capital markets may be in jeopardy,” the hearing panel stated.