The Ontario Securities Commission yesterday announced that a settlement has been reached between OSC staff of the and AIC Ltd. concerning market timing activities.

OSC staff allege that the conduct of AIC Limited in failing to protect fully the best interests of the relevant funds was contrary to the public interest.

The OSC will convene hearings on Thursday, December 16 to consider this settlement agreement in addition to settlement agreements reached with CI Mutual Funds Inc., AGF Funds Inc. and I.G. Investment Management, Ltd. The terms of the settlement agreements are confidential until approved by an OSC panel. No evidence of ongoing market timing activity has been found since the review of the Canadian mutual fund industry began in November 2003. In the probe, OSC staff did not uncover any evidence of late trading.