The Ontario Securities Commission (OSC) is broadening its compliance improvement efforts to yet another scholarship plan dealer.

The OSC said Tuesday that it has issued a temporary order, requiring compliance improvements at scholarship plan dealer Heritage Education Funds Inc. (HEF). This is the third such order from the commission in recent weeks.

As with the previous two dealers, HEF is being required to beef up its compliance systems with the help of an independent consultant; and, in the meantime, it must hire a monitor to scrutinize new accounts to ensure they comply with regulatory requirements. The initiative follows a compliance review of the firm that was carried out between November 2011 and January 2012, which allegedly uncovered a number of compliance deficiencies.

According to the order, HEF has agreed to the terms and conditions that are being placed on its registration, involving the independent consultant and monitor. The temporary order expires in 15 days, but is slated to go back before the commission on August 21 for an update, and to consider whether the order needs to be extended.

Separately, the OSC issued an order extending the first temporary order it issued against a scholarship plan dealer (Global RESP Corp. and fund manager, Global Growth Assets Inc.) in late July, ordering that the conditions imposed at that time are to remain in effect until further notice; and, setting November 8 as the date for the next update to the commission.