The Ontario Securities Commission (OSC) has extended temporary orders that were issued earlier this month against a couple of scholarship plan dealers, which require them to improve their compliance systems.

The OSC said Thursday that it has extended temporary orders involving Knowledge First Financial Inc. (KFFI) and Heritage Education Funds Inc. (HEFI), until Nov. 14 and Nov. 23, respectively. The commission is now scheduled to receive its next updates in these cases on the day before the orders expire (Nov. 13 and Nov. 22, respectively).

Both firms face similar orders from the commission following compliance reviews that were carried out earlier this year. As a result of those reviews, the firms are being required to beef up their compliance systems with the help of an independent consultant; and, in the meantime, they must hire a monitor to scrutinize new accounts to ensure they comply with regulatory requirements.

According to the orders published today, both firms have hired a consultant and a monitor, which hvae been approved, and their work has begun.

Earlier this month, the OSC also extended the first temporary order it issued against a scholarship plan dealer (Global RESP Corp.) setting Nov. 8 as the date for the next update to the commission in that case, and ordering that the conditions imposed on the firm are to remain in effect until further notice.