OSC and IIROC apply to court for distribution of ABCP fine proceeds

TORONTO, Feb. 16, 2012 /CNW/ - The Ontario Securities Commission (OSC) and Investment Industry Regulatory Organization of Canada (IIROC) have applied to the Superior Court of Justice of Ontario - Commercial List to confirm that their proposed plan to distribute funds to investors who purchased third-party Asset-Backed Commercial Paper (ABCP) is  permitted by an earlier court order.

The OSC and IIROC have asked the Court to rule that the Order dated June 5, 2008 by the Honourable C. Campbell J. (the "ABCP Order") does not preclude them from distributing $59.875 million received from the following five investment dealers in settling ABCP enforcement actions:

  • Canadian Imperial Bank of Commerce/CIBC World Markets Inc. and HSBC Bank of Canada agreed to pay $21.7 million and $5.925 million, respectively, to the OSC.
  • Scotia Capital Inc., Canaccord Financial Ltd. and Credential Securities Inc. agreed to pay $28.95 million, $3.1 million and $200,000, respectively, to IIROC.

The application outlines the OSC's and IIROC's proposed plan to distribute the funds to certain eligible investors who purchased ABCP from a settling dealer.

The application is scheduled to be heard on March 13, 2012 in Toronto. More information on the proposed distributions will be published by the OSC and IIROC following the court's decision.

***

The OSC is the regulatory body responsible for overseeing Ontario's capital markets. The OSC administers and enforces Ontario's securities and commodity futures laws. Its mandate is to provide protection to investors from unfair, improper or fraudulent practices and to foster fair and efficient capital markets and confidence in capital markets.

IIROC is the national self-regulatory organization which oversees all investment dealers and trading activity on debt and equity marketplaces in Canada.  IIROC sets high quality regulatory and investment industry standards, protects investors and strengthens market integrity while maintaining efficient and competitive capital markets.

Related Documents:

  • Notice of Application
  • Affidavit of Kathryn Daniels
  • Affidavit of Jeffrey Kehoe
  • Applicants' Factum

SOURCE Ontario Securities Commission

For further information:

ONTARIO SECURITIES COMMISSION

For Media Inquiries:    
Wendy Dey
Director, Communications & Public Affairs 
416-593-8120
wdey@osc.gov.on.ca
www.osc.gov.on.ca

For Investor Inquiries:
OSC Contact Centre
416-593-8314
1-877-785-1555 (Toll Free)

INVESTMENT INDUSTRY REGULATORY ORGANIZATION OF CANADA
 
For Media Inquiries:    
Lucy Becker
Vice President, Public Affairs
416-943-5870
lbecker@iiroc.ca
www.iiroc.ca

For Investor Inquiries:
IIROC Complaints and Inquiries Centre
1-877-442-4322 (Toll Free)


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