The Ontario Securities Commission (OSC) and Investment Industry Regulatory Organization of Canada (IIROC) Thursday announced 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:
CIBC/CIBC World Markets Inc. and HSBC Bank of Canada, which paid $21.7 million and $5.925 million, respectively, to the OSC; and
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.
The regulators say any investor questions should be addressed directly to Ernst & Young at: OSCIIROC-ABCP@ca.ey.com.