TORONTO, Sept. 22 /CNW/ - The Ontario Securities Commission (OSC) today
issued an amended Temporary Order under Section 144 of the Securities Act
prohibiting short selling of certain financial sector issuers. This follows a
Temporary Order under Section 127 (5) of the Act prohibiting short selling of
securities of certain financial sector issuers that are listed on the Toronto
Stock Exchange (TSX) and are also interlisted in the United States (with the
exception of one issuer whose shares are exchangeable).
The original Order was issued as a precautionary matter with respect to
short selling of the securities of financial sector issuers subject to the
U.S. Securities and Exchange Commission (SEC) short selling order dated
September 18, 2008, and to ensure that our markets are not used for purposes
of regulatory arbitrage.
The OSC is acting in its capacity as lead regulator of the TSX. The
amended Order is intended to address technical and operational matters that
have arisen, or may arise, from the original Order, and supports action taken
by the SEC on September 21, 2008, whereby it made similar amendments.
The OSC is a member of the Canadian Securities Administrators (CSA),
which is the council of the securities regulators of Canada's provinces and
territories. Other CSA members are examining the original and amended Orders
and may issue similar Orders in the coming days.
The issuers affected by the original and amended Orders are: Aberdeen
Asia-Pacific Income Investment Company Ltd., Bank of Montreal, The Bank of
Nova Scotia, Canadian Imperial Bank of Commerce, Fairfax Financial Holdings
Limited, Kingsway Financial Services Inc., Manulife Financial Corporation,
Quest Capital Corp., Royal Bank of Canada, Sun Life Financial Inc., Thomas
Weisel Partners Group Inc., The Toronto-Dominion Bank, and Merrill Lynch &
Co., Canada Ltd.
The amended Order will be in effect until October 3, 2008, unless
extended by Order of the Commission. The amended Order is available on the OSC
website at www.osc.gov.on.ca.
For further information:
For further information: For Media Inquiries: Wendy Dey, Director,
Communications & Public Affairs, (416) 593-8120; Laurie Gillett, Manager,
Public Affairs, (416) 595-8913; Carolyn Shaw-Rimmington, Assistant Manager,
Public Affairs, (416) 593-2361; For Investor Inquiries: OSC Contact Centre,
(416) 593-8314, 1-877-785-1555 (Toll Free)