The Ontario Securities Commission has issued enforcement notices to Coventree Inc. and four of its current and former officers, the company said Friday.
Coventree, Dean Tai, Geoff Cornish, David Allan and Bridget Child, have now received enforcement notices from OSC staff.
In early 2008 the OSC and the Investment Dealers Association of Canada acknowledged that they were examining the Canadian asset backed commercial paper (ABCP) market.
As part of the OSC’s investigation, OSC staff inquired into Coventree’s participation in the Canadian ABCP market and various disclosure issues, including the sufficiency of the disclosure in the prospectus relating to firm’s initial public offering that was completed in November 2006, the company’s disclosure of its U.S. subprime exposure to customers and dealers during 2007, and the company’s compliance with its continuous disclosure obligations prior to Aug.13, 2007.
Coventree said it cooperated with OSC staff throughout the investigation.
The OSC enforcement notices identify the disclosure issues that have been the subject of the OSC’s investigation, and indicate that the regulator is contemplating commencing proceedings in relation to those issues, Coventry said.
“Coventree is reviewing the notices and will respond to the notices after it has considered its position,” the company said in a release.
IE
Coventree, officers receive enforcement notices from OSC
Notices follow investigation of ABCP firm’s disclosure to investors
- By: IE Staff
- July 26, 2009 July 26, 2009
- 13:16