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ARTICLE · 06 AUGUST 2019

OSC Settles First Ever Case Regarding Best Execution Obligation For Advisers

Borden Ladner Gervais LLP
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On July 19, 2019, the Ontario Securities Commission (OSC) approved a settlement with Caldwell Investment Management Ltd. (CIM) over failures to comply with the best execution obligation

CanadaCorporate/Commercial Law
Omar K. Madhany
Omar K. Madhany
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On July 19, 2019, the Ontario Securities Commission (OSC) approved a settlement with Caldwell Investment Management Ltd. (CIM) over failures to comply with the best execution obligation applicable to investment advisers. The best execution obligation requires advisers to ensure that they execute trades for their clients on terms that are as advantageous to the client as reasonably available. The OSC's settlement with CIM marks the first ever enforcement proceeding brought before the OSC based on the best execution obligation and so provides insight into the standard that the OSC staff will apply to advisers going forward.

Background

CIM is a registered adviser in Ontario that serves as a portfolio manager and investment fund manager. Between January 2013 and November 2016, CIM directed most of its clients' equity and bond trades to a related investment dealer named Caldwell Securities Ltd. ("CSL"). The client trades that CIM directed to CSL often resulted in

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