Stock market watchdog defends own secret agreement

The chair of the Nova Scotia Securities Commission says a secret agreement signed by its enforcement director and the National Bank's brokerage firm was never expected to stay hidden for seven years.

But Sarah Bradley said she doesn't agree with criticism that that secrecy would undermine public confidence in an agency employed as a watchdog for consumer complaints about the stock market.

"The most concern for the Nova Scotia Securities Commission is protecting Nova Scotia investors. Our enforcement staff are going to respect this decision by the commission and conducting themselves in accordance with is. There won't be any future escrow agreements in light of this decision," said Bradley.

Escrow agreements refer to keeping a settlement agreement a secret.

Commissioner David Gruchy said the practice violates the usual policy of the organization.