Terms and Conditions
Decision rendered on August 7, 2019
Within 14 days of the date these Modified Terms and Conditions are imposed, M Partners shall retain, at its own expense, an independent compliance consultant (Consultant), acceptable to BCC Staff, to:
a) Prepare and implement a plan to remediate all 13 of the compliance deficiencies identified in the BCC 2019 Report (the 2019 Deficiencies) that satisfies the requirements set out in item 2 below;
b) Monitor M Partners' ongoing compliance with its regulatory obligations in respect of the 2019 Deficiencies;
c) Report to BCC Staff as required herein.
Within 30 days of IIROC Staff advising M Partners that its consultant is acceptable, M Partners and the Consultant shall provide to BCC Staff the Consultant's plan for remediating the 2019 Deficiencies. The plan shall:
a) Include an overall completion date by which the 2019 Deficiencies will be remediated;
b) Include a detailed schedule of specific tasks, estimated completion date for each task and the person(s) responsible for completing each task;
c) Assess the sufficiency of M Partners' existing compliance resources and the capacity of its compliance personnel and identify any improvements needed to implement the plan and remediate the 2019 Deficiencies;
d) Specify how the Consultant will review, test and assess M Partners' progress under the plan and remediation of the 2019 Deficiencies;
e) Specify how and when the Consultant will report to BCC Staff with regard to M Partners' progress on remediating the 2019 Deficiencies.
The Plan, associated schedule and all progress reports must be reviewed and approved by M Partners' Ultimate Designated Person (UDP) and Chief Compliance Officer (CCO), and signed by them as evidence of the review and approval.
M Partners must provide the Modified Terms and Conditions, the plan and all progress reports to M Partners' Board of Directors as they are available, and provide BCC Staff with evidence of such reporting.
When the Consultant is satisfied that the plan has been fully implemented and M Partners has re mediated the 2019 Deficiencies, the Consultant shall provide BCC Staff with a written attestation, for acceptance by BCC Staff, confirming that the 2019 Deficiencies have been remediated and that the plan has been fully implemented. The Consultant shall also provide BCC Staff with a summary of the testing and review that underlie the Attestation.
Following delivery of the Attestation, the Consultant shall, every 90 days, conduct testing to confirm that M Partners continues to demonstrate that the 2019 Deficiencies have been remediated. The Consultant shall submit further attestations after each 90-day testing confirming ongoing remediation, together with a summary of the testing and review that underlie the Attestation. If the Consultant is unable to provide a 90-day Attestation, the Consultant will report his or her findings to BCC Staff, together with a plan for addressing any issues identified.
M Partners shall immediately authorize the Consultant to permit unrestricted access by BCC Staff to the Consultant regarding M Partners' progress with respect to any matter that relates to these Modified Terms and Conditions.
M Partners shall not terminate the Consultant's retainer until these Modified Terms and Conditions are further modified or removed.