The Ontario Securities Commission has rejected an appeal from Assante Asset Management Ltd. to have conditions on its registration removed after the company filed its financial statements late.

According to the decision, on April 9, the manager, compliance, in the Capital Markets Branch of the OSC told Assante that it had not received its annual audited financial statements for the past year. It indicated that OSC staff thought that its registration as an extra provincial investment counsel and portfolio manager should be restricted by the imposition of terms and conditions.

On April 21, Assante asked that the conditions be removed, explaining that: it had gone under an internal restructuring and certain functions were transferred from Winnipeg to Toronto, and the transition was not seamless; it has paid the applicable late fees; it now has a designated position and process to ensure that statements are filed in a timely fashion; and, this is the first time the registrant has been late.

The decision notes that, in the opinion of OSC staff’, the firm’s reasons do not outweigh “the need to impress upon this and other registrants the importance of complying with the filing requirement and terms and conditions therefore should be imposed on its registration”.

“On the basis of all written submissions presented to me and after having reviewed them, it is my decision that the registration of Assante Asset Management Ltd. should be restricted by the terms and conditions outlined in the April 9, 2003 letter,” concluded OSC manager registration regulation, David Gilkes, in his decision.

http://www.osc.gov.on.ca/en/Regulation/Orders/2003/ord20030530_214_assanteasset.htm