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No-contest settlement approved for registrant's failure to ensure clients received lower management expense ratios.
The Ontario Securities Commission approved a no-contest settlement agreement between Staff and the Assante Dealers regarding excessive management expense ratios charged to clients.
The Assante Dealers self-reported the issue, cooperated with Staff, implemented a remediation program, and paid $3.6 million in compensation to affected clients, along with voluntary payments to the Commission.
The panel found the settlement to be fair, reasonable, and in the public interest.
