Both banks failed to sufficiently supervise and control their forex trading businesses from 2011 to 2013, the province says in its statements of allegations.
Furthermore, certain compliance monitoring issues continued into 2015, the OSC alleges.
Both bank's forex trading businesses allowed "inappropriate sharing of confidential customer information" by their traders with traders at competitor firms on a regular basis, OSC says.
The hearing will be held on Friday at the commission's Toronto office.
According to Canada's Financial Post, RBC stated, "the conduct covered by the allegations occurred many years ago, and we have taken a number of steps since that time to enhance our controls."
RBC added that it would discipline, up to and including termination, "anyone on our platform who does not comply with our high standards of behaviour and the applicable laws and regulations in any jurisdiction.”
Statement of allegations relating to Royal Bank of Canada.
Statement of allegations relating to TD Bank.
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