MONTREAL, Oct. 3 /CNW Telbec/ - At the request of the Autorité des
marchés financiers (AMF), the Bureau de décision et de révision en valeurs
mobilières (BDRVM) today issued a further temporary order 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 order prohibits any person, until October 8, 2008 inclusively, from
short selling the common shares of the following issuers: Bank of Montréal
(BMO), Bank of Nova Scotia (BNS), Canadian Imperial Bank of Commerce (CM),
Fairfax Financial Holdings Limited (FFH), Kingsway Financial Services Inc.
(KFS), Manulife Financial Corporation (MFC), Quest Capital Corp. (QC), Royal
Bank of Canada (RY), Sun Life Financial Inc. (SLF), Thomas Weisel Partners
Group Inc. (TWP), Toronto Dominion Bank (TD) and Merrill Lynch & Co., Ltd.
The AMF believes the order is in the public interest and will help
protect investors and ensure the continued smooth operation of the financial
markets. This latest order supports the decision issued by the U.S. Securities
and Exchange Commission (SEC) on October 2, 2008. It clarifies certain
exceptions set out in the order issued by the BDRVM on September 23, 2008 and
removes one entity from the list of targeted issuers, namely, Aberdeen
Asia-Pacific Income Investment Company Ltd. (FAP), because it is not
The original order was issued on September 19, 2008 and was superseded on
September 23 by a new order by the BDRVM. These orders were issued as
precautionary measures amid the restrictions imposed by the SEC, the U.K.
Financial Services Authority and various securities regulators in Canada.
The order was delivered from the bench by the BDRVM based on the
conclusions of a request made by the AMF. The request to the BDRVM is posted
on the AMF website at www.lautorite.qc.ca under "News."
The Autorité des marchés financiers (AMF) is the regulatory and oversight
body for Québec's financial sector.
Media only: Sylvain Théberge, 514-940-2176
Québec City: 418-525-0337
Montréal: 514 395-0337
Toll-free: 1 877 525-0337
For further information:
For further information: Media only: Sylvain Théberge, (514) 940-2176;
Information Centre: Québec City: (418) 525-0337; Montréal: (514) 395-0337;
Toll-free: 1-877-525-0337; www.lautorite.qc.ca