Td Osc Settlement Agreement

The Royal Bank is also seeking an agreement with the CSO at a late-morning hearing in Toronto. TD and RBC agreed to voluntary payments of $9,300,900 and $13,552,000 under transaction agreements approved Friday by a CSO panel. CONSIDERING that, on August 30, 2019, the Ontario Securities Commission held a hearing at the Commission`s offices to consider the joint request for a transaction hearing by the Bank of Toronto-Dominion (TD) and Commission (staff) staff for approval of a settlement agreement (settlement agreement) reached on August 23, 2019; As part of the transaction approved today, TD Bank has agreed to have its foreign exchange brokers exchange confidential information, such as the existence of stop orders. B, with traders from other financial institutions over a period between 2011 and 2013. At a separate hearing, RBC agreed to make a voluntary payment of $US 13,552,000 to the CSO and an additional payment of $800,000 to cover the regulator`s billing costs. In calculating compensatory amounts, CSO employees also took into account the amount of revenue relevant for the 2011-2013 period, estimated at $102.87 million for TD and $124 million for RBC. The millions of dollars in comparisons with Canada`s largest securities regulator come days after the two lenders announced their latest quarterly results. Last week, RBC reported a third-quarter profit of $3.26 billion $US. On Thursday, TD reported net income of $3.26 billion $US in the July 31 quarter. During the period in question, it is customary for foreign exchange brokers, in the broadest sense, to communicate with merchants of other companies that use e-mail services, the OSC states in the transaction agreements. 88. The transaction agreement can be signed in one or more counterparties that together constitute a binding agreement.

Among the factors in the CSO`s decision to approve these comparisons were TD and RBC`s efforts to improve their compliance and procedures, Vingoe said. He noted that since then RBC has banned and closed multi-dealer chat rooms, organized training and implemented increased surveillance of electronic communications. He said TD had hired an external consultant to check its market abuse controls. “This agreement and the steps taken with staff to achieve them reflect these commitments,” Ritchie said. As part of this transaction, TD Bank will make a voluntary payment of $9,300,900 to the Financial Markets Authority and an additional payment of $800,000 to cover the costs of the CSO investigation. As a result of these transaction agreements, the CSO will conduct a review of Ontario`s leading derivatives dealers for compliance monitoring for foreign exchange trading. CSO employees are asking Ontario derivatives traders to check whether they have sufficient controls to deal with the risks of their foreign exchange trading operations. CSO employees will review these assessments and, if necessary, consult with other Canadian regulators. 16. Officials believe that exemplary cooperation during this investigation and the respondent`s advance payment of a substantial 30% discount on the amount indicated in Stage 3. (a) the exchange of currencies between two parties at an agreed interest rate for settlement within two business days of the trading date; The respondent agrees with the following counting conditions.

1. This obligation is made as part of the [date] settlement agreement (the “transaction agreement”) between the Bank of Toronto-Dominion (the respondent) and the Commission`s staff (“staff”). All terms have the same meaning in this company as in the transaction agreement. He added that the two banks worked on the investigation — a factor that was taken into account in choosing the transaction and the amount to be paid — but noted that TD`s cooperation was “exemplary.” As part of its comparison with the CSO, RBC accepted a voluntary payment of $13,552 million