Alan Lenczner, Q.C.

Staff of the Ontario Securities Commission and the CIBC Dealers entered into a settlement agreement regarding inadequacies in the dealers' systems of controls and supervision.

These inadequacies resulted in certain clients paying excess fees on mutual funds, structured notes, exchange-traded funds, and closed-end funds held in fee-based accounts.

The CIBC Dealers self-reported the issues, cooperated with Staff, and agreed to a compensation plan estimated at $73,260,104 for affected clients, along with voluntary payments of $3,000,000 to the Commission and $50,000 for costs.

The Commission approved the settlement agreement, finding it to be in the public interest.