Bank of Nova Scotia was fined US$22.5 million by two U.S. agencies over employees\u0027 use of unapproved communication methods. Read on.
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The Commodity Futures Trading Commission issued a US$15 million penalty related to record-keeping and supervision failures, while the Securities and Exchange Commission levelled a US$7.5 million fine.We deliver the local news you need in these turbulent times on weekdays at 3 p.m.By clicking on the sign up button you consent to receive the above newsletter from Postmedia Network Inc. You may unsubscribe any time by clicking on the unsubscribe link at the bottom of our emails or any newsletter.
The agencies said the bank was also required to keep a record of these communications but that they were generally not preserved, violating record-keeping provisions of federal securities laws.Article content The CFTC said the use of the communication channels violated Scotiabank’s own policies, and that some of those tasked with supervising these policies themselves used non-approved methods of communications.
Scotiabank spokeswoman Heather Armstrong said in a statement that the bank is committed to running its business according to the “most current high standards of business conduct and adhering to all regulatory requirements,” and has agreed to the resolutions with regulators.
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