Franklin Templeton Investments Corp. yesterday added its name to the list of Canadian mutual fund managers under scrutiny for allegedly permitting market timing.

The company became the fifth Canadian company to reveal it’s under investigation by the Ontario Securities Commission. Yesterday, the regulator said it had settled with three other fund companies and was in talks with a fourth.

In a release, Franklin Templeton said it has been cooperating fully with the OSC during the review.

In a letter to the company, OSC staff expressed the view that, over the period February 1999 to February 2003, there were certain accounts that were permitted by Franklin Templeton to engage in a frequent trading market timing strategy in certain funds being managed by the firm. OSC staff indicated that they are contemplating proceedings before the OSCC against Franklin Templeton.

The firm said it is in the process of reviewing the OSC’s letter and will cooperate fully to address the concerns regarding the issue of frequent trading market timing strategies.