After Monitoring Rakoff-SEC Battle, Ontario Limits ‘No-Consent’ Settlements – Compliance Week

After monitoring the growing judicial unrest in the U.S. with respect to approving “no admit, no deny” SEC settlements, the Ontario Securities Commission changed a proposed new rule this week that would have allowed such “no-contest” settlements (the OSC’s term for settlements that do not include an admission of a breach of securities law) in its enforcement cases. The OSC’s update to the rule provides that “no consent” settlements will not be available in cases involving “egregious, fraudulent or criminal conduct” or when investor losses have not been repaid.

via After Monitoring Rakoff-SEC Battle, Ontario Limits ‘No-Consent’ Settlements – Compliance Week

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