Staff of the Ontario Securities Commission brought a settlement hearing regarding Wells Fargo Financial Canada Corporation's failure to file prospectus supplements on time on four occasions.
The Commission approved the settlement agreement, noting that inadvertence and reliance on outside counsel were not valid excuses for late filings.
The Commission imposed an administrative penalty of $20,000, emphasizing that this novel use of an administrative penalty serves as a specific deterrent to the respondent and a general warning to market participants about the importance of timely filings.
