In a series of enforcement actions, the Ontario Securities Commission (OSC) is looking to enforce compliance with director and officer (D&O) bans that were imposed in previous proceedings.
The regulator filed four applications for enforcement proceedings that all make similar allegations — that the respondents haven’t complied with conduct restrictions handed down by the Capital Markets Tribunal for past contraventions of securities law.
In each of the cases, the OSC said that failing to adhere to these restrictions is itself a “serious breach” of securities law.
“When persons disregard the restrictions imposed on them by orders of the tribunal, this undermines investor confidence and the fairness and efficiency of the capital markets,” the regulator said in the filings.
Now, it’s pursuing additional enforcement actions in four cases, alleging that existing bans have been violated in various ways.
The allegations have not been proven.
Separate hearings are scheduled in each case between Oct. 27 and Nov. 4.