The Ontario Securities Commission (OSC) today reinstated the registration of Norshield Asset Management (Canada) Ltd.

Norshield was granted registration for an advisor. The OSC says the individual has been designated by Norshield as compliance officer with respect to operations in Ontario. The advisor is currently registered with Norshield in Quebec.

The regulator issued temporary orders on May 13, suspending the registration of Norshield and Olympus United Group Inc.

The OSC says it revoked the suspension of Norshield because the firm is now in compliance with the registration requirements of Securities Act. Nonetheless, the OSC, the Autorité des Marchés Financiers, and the Mutual Fund Dealers Association, commenced a coordinated review of the operations of Norshield and Olympus in Quebec and Ontario today.

Norshield is the manager and adviser of a variety of hedge funds and alternative investment products offered across Canada by Olympus. These products are sold as shares in the Olympus United Funds Corp. (Olympus Funds). At present, Olympus Funds has approximately 2,000 shareholders, the majority of whom are resident in Ontario.

On May 2, Olympus Funds announced the deferral of redemptions in a number of its funds. In addition, on May 2, 2005, the registered trading and compliance officer at Olympus resigned. On May 6, the registered advising and compliance officer at Norshield resigned.

The suspension Order with respect to Olympus remains in effect. The hearing to consider the extension of that Order is scheduled to take place on Friday, May 27, in Toronto.