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The Ontario Securities Commission (OSC) will hold a hearing on April 24 to consider a proposed settlement with Toronto-based 1832 Asset Management LP regarding the firm’s alleged violations of the mutual fund sales practices rule.

According to regulatory filings, the OSC alleges the firm allowed “excessive spending on [mutual fund advisors] for promotional activities,” and provided items to advisors that are not permitted under the rules, including gift cards.

The regulator also alleges the firm hosted a couple of industry conferences that did not comply with the sales rule.

The terms of the settlement will only be revealed if the agreement is approved.

Earlier this month, the OSC settled a case with Mackenzie Financial Corp. involving its violations of the sales rule, including excessive promotional spending on advisors.