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The regulator’s allegations involved RBC’s wholly-owned indirect subsidiaries RBC Dominion Securities Inc., Royal Mutual Funds Inc., and RBC Phillips, Hager & North Investment Counsel Inc.

The OSC panel noted that there was no allegation or evidence of dishonest conduct on the part of RBC.

The bank, which reported the issue at its fund-dealing subsidiaries to regulators in 2015, will pay $50,000 in costs as part of Tuesday’s settlement.

“Based on the facts alleged and on the parties’ submissions, in our view the compensation called for in the settlement agreement is appropriate,” the panel said in Tuesdays’ ruling, adding that the settlement saves the “substantial costs and delay” of mounting a full, contested hearing.

“The affected clients and others benefit by a resolution of this nature at this stage,” the ruling said.

Since adopting the U.S.-style no-contest settlement a few years ago, the OSC has approved eight such settlements with companies, resulting in approximately $342 million in compensation to investors.

“Our no-contest settlement program continues to deliver results,” said Jeff Kehoe, director of enforcement at the OSC. “We will continue to use this strong enforcement tool in appropriate cases that meet our strict criteria.”

Among the no-contest settlements to date are agreements with Canada’s major banks, some of which had been charging excess fees for years. Late last year, Bank of Montreal agreed to pay nearly $50 million in compensation to clients. Canadian Imperial Bank of Commerce agreed to pay clients of its dealers more than $73 million as reimbursement for charging them excess fees, in some cases for more than a decade. Bank of Nova Scotia agreed to pay $20 million to clients of three wealth management companies it owns, while Toronto-Dominion Bank settled similar issues in 2014, agreeing to pay $13.5 million in compensation to clients.