8215. Settlements and settlement hearings

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    1. Enforcement Staff may agree in a settlement agreement to settle a proceeding or proposed proceeding against a Regulated Person at any time prior to the conclusion of a disciplinary hearing.

    2. A settlement agreement must contain:
      1. ​​​a statement of the contraventions agreed to by the respondent, with references to the relevant IIROC requirements and applicable laws,
      2. the agreed facts,
      3. the sanctions and costs to be imposed on the respondent,
      4. a waiver by the respondent of all rights to any further hearing, appeal and review,
      5. a provision that Enforcement Staff will not initiate any further action against the respondent in relation to the matter addressed in the settlement agreement,
      6. a provision that the settlement agreement is conditional on acceptance by a hearing panel,
      7. a provision that the settlement agreement and its terms are confidential, unless and until it has been accepted by a hearing panel,
      8. a provision that the parties will not make any public statement that is inconsistent with the settlement agreement, and
      9. any other provisions not inconsistent with clauses 8215(2)(i) through 8215(2)(viii) that the parties agree to include in the settlement agreement.
    3. Discussions relating to settlement are on a without prejudice basis to Enforcement Staff and any other person participating in the discussions and must not be used as evidence or referred to in any proceeding.
    4. A settlement agreement may impose any obligations on a respondent to which the respondent agrees, whether or not they could be imposed by a hearing panel under Rule 8200.
    5. After a settlement hearing, a hearing panel may accept or reject a settlement agreement.
    6. A settlement agreement becomes effective and binding on the parties to it upon acceptance by a hearing panel.
    7. If a settlement agreement is accepted by a hearing panel, any sanction imposed under it is deemed to have been imposed under Rule 8200.
    8. If a settlement agreement is rejected by a hearing panel,
      1. either:
        1. the parties may agree to enter another settlement agreement, or
        2. Enforcement Staff may proceed to a disciplinary hearing based on the same or related allegations and charges, 
      2. and
      3.  the hearing panel’s reasons for rejecting the settlement agreement must be made available to a hearing panel considering a subsequent settlement agreement based on the same or related allegations and charges, but must not be made public or referred to in a subsequent disciplinary hearing.
    9. A member of a hearing panel that rejects a settlement agreement may not be a member of a hearing panel that considers a subsequent settlement agreement or conducts a disciplinary hearing based on the same or related allegations.

    There is no history log for this rule.

    There is no history log for this rule.