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What Is A Regulatory Settlement Agreement

An RSA is an agreement to end, in whole or in part, disciplinary proceedings. RSA allows us to protect both consumers and the public interest by achieving quick, effective and reasonable results at a reasonable cost. To ensure that you understand when we can agree on regulatory and disciplinary outcomes through the Regulatory Regulation Agreement (RSA). At what stage of the investigation can I enter into a regulatory agreement? Circumstances inevitably change. We may accept a change to the RSA at the request of the regulated company or the person concerned. For example, we can extend the time limit of a measure if we think it is reasonable. On the other hand, we may have agreed that someone should be subject to administrative review and ask, a few years later, to rescind the mandate because the person feels that it is no longer necessary. In these circumstances, we will review the application in accordance with our usual procedure and may request useful evidence to assist us in our decision-making. The agreement could resolve one of several issues (with conditions for which a formal investigation of the remaining complaints is ongoing) or all complaints. The earlier nature of the transaction agreement (called a regulatory agreement) is rare. Most agreements resolve all known issues and end an investigation.

In general, the disciplinary powers of the SRA are generally limited to findings and warnings, reprimands, fines and, in more serious cases, referrals to the TDS. A regulatory agreement offers greater flexibility, as the parties can agree on results that do not fall within the scope of normal disciplinary sanctions. Parties could, for example, agree that an entity subject to prudential oversight pays compensation to clients or establishes management or monitoring systems to prevent a re-emergence of an infringement. The SRA is not satisfied that the lawyer or law firm will abide by the agreement. This suspicion could be due to the nature of the misconduct, for example.B. was involved in an element of dishonesty, or the law firm once ignored the rules and/or sanctions of the SRA. The allegations that led to the SRA investigation are considered too serious to be resolved by mutual agreement and require a formal hearing to ensure public confidence in the legal profession.