The Ontario Securities Commission (OSC) recently announced a settlement agreement with STEER, a Canadian-based company that provides technology solutions for the oil and gas industry. The settlement agreement comes after an investigation by the OSC into STEER’s compliance with securities laws.
Under the terms of the settlement agreement, STEER has agreed to pay a $150,000 penalty and to implement certain remedial measures to ensure compliance with securities laws. The company has also agreed to retain an independent consultant to review and assess its compliance policies and procedures.
In a statement released by the OSC, the regulator noted that STEER had cooperated fully with the investigation and had taken steps to address the issues identified. The OSC also noted that the settlement agreement was reached without any admission of wrongdoing by STEER.
The settlement agreement is a reminder of the importance of compliance with securities laws for companies operating in Canada. The OSC has broad powers to investigate and enforce securities laws, and companies that fail to comply can face significant penalties and reputational damage.
For companies like STEER, which operate in highly regulated industries such as oil and gas, compliance with securities laws is particularly important. Failure to comply can not only result in regulatory action, but can also impact relationships with customers, suppliers, and investors.
The settlement agreement also highlights the importance of proactive compliance measures. Companies should have robust compliance policies and procedures in place, and should regularly review and update these policies to ensure they remain effective and up-to-date.
In addition, companies should ensure that employees are trained on these policies and procedures, and that there is a culture of compliance throughout the organization. This includes ensuring that employees understand the importance of compliance, and that they are encouraged to report any potential violations or concerns.
Overall, the OSC settlement agreement with STEER serves as a reminder of the importance of compliance with securities laws for Canadian companies. By implementing proactive compliance measures and fostering a culture of compliance, companies can help to mitigate the risk of regulatory action and reputational damage.
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- Source: https://zephyrnet.com/steer-provides-update-on-settlement-agreement-with-the-ontario-securities-commission/