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Settlement approved for foreign marketplaces operating unregistered fixed income exchanges in Ontario; $3.1M ordered.
Staff of the Ontario Securities Commission and the respondents sought approval of a settlement agreement.
The respondents admitted to operating multilateral trading facilities for fixed income securities in Ontario without being recognized as an exchange or exempted, contrary to subsection 21(1) of the Securities Act.
The respondents cooperated with Staff, self-reported the issues, and proactively implemented a remediation program.
The Commission approved the settlement, ordering disgorgement of $663,305.20 and an administrative penalty of $2,506,011.80, finding the terms fell within a range of reasonable outcomes and were in the public interest.
