OSC and IIROC Announce Disbursement of ABCP Settlement Funds to Investors
TORONTO, March 21, 2013 /CNW/ - The Ontario Securities Commission (OSC) and Investment Industry Regulatory Organization of Canada (IIROC) announced today that eligible investors who purchased third-party Asset-Backed Commercial Paper (ABCP) will be sent cheques for their pro rata shares of settlement funds by the end of March.
This disbursement is part of the ABCP settlement distribution plan announced in 2012.
Ernst & Young Inc., the Administrator appointed to administer the distribution, began notifying investors this week that their cheques will be sent later this month.
A total of $59.875 million, plus net interest earned on these funds, will be disbursed to eligible investors who purchased ABCP from the following five investment dealers during specified time periods:
- Canadian Imperial Bank of Commerce/CIBC World Markets Inc. and HSBC Bank of Canada, which paid $21.7 million and $5.925 million, respectively, to the OSC.
- Scotia Capital Inc., Canaccord Financial Ltd. and Credential Securities Inc., which paid $28.95 million, $3.1 million and $200,000, respectively, to IIROC.
The monies were collected in enforcement settlements agreed to by these investment dealers.
Any investor questions should be addressed directly to the Administrator at:
ERNST & YOUNG INC.
Phone (in Toronto):
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.
SOURCE Investment Industry Regulatory Organization of Canada (IIROC) - General News