The disclosures are the result of something called a no-contest settlement program introduced by the OSC in 2014. "These no-contest settlements are absolving the industry of the responsibilities for the last 10 years," he said. So there's less information coming forward on a daily basis about what is the process and the basis on which this no-contest settlement was reached." He said a no-contest settlement has all the hallmarks of every other hearing they do. Just about every major investment firm has entered into a no-contest settlement.

Source: CBC News October 18, 2017 09:00 UTC