Amid persistent concerns about financial reporting, the Ontario Securities Commission (OSC) suspended the registration of exempt market dealer RWS Capital Services Inc.
The suspension came in a settlement agreement between the OSC and the firm, which was accepted by the regulator following an opportunity to be heard.
According to the settlement, RWS “failed to comply with the working capital and financial reporting requirements… and is not suitable for ongoing registration because it is capital deficient.”
Both the firm and OSC staff agreed that the firm’s registration should be suspended, and the firm indicated that it planned to surrender its registration.