“For an prolonged time, RBC recorded the prices of its internally developed software program initiatives in a way that was inconsistent with relevant accounting requirements and opposite to Ontario securities regulation,” mentioned Jeff Kehoe, Director of Enforcement on the OSC. “The books and data necessities are a crucial element of our compliance and enforcement work, and longstanding failures reminiscent of these undermine investor confidence in Ontario’s capital markets.”
The OSC says that there isn’t any allegation or proof of dishonest or abusive conduct by RBC and there doesn’t seem like any hurt or loss to buyers or materials impression on the banking group’s monetary statements.
A public listening to of the OSC’s Capital Markets Tribunal takes place Friday November 3, 2023, at 8am ET to approve a settlement settlement.
AMF, SEC settlements
The AMF and SEC have reported associated settlements.
The SEC mentioned that “with out admitting or denying the findings, Royal Financial institution of Canada has agreed to stop and desist from committing or inflicting any violations or any future violations of those provisions. Royal Financial institution of Canada additionally agreed to pay a $6 million civil penalty, offset by quantities paid to Canadian regulatory authorities because of the identical conduct.”
