(September 9 – 15:55 ET) – The Ontario Securities Commission has
suspended the registration of CCI Capital Canada Limited,
a mutual fund dealer registered with the Commission, for a period of at
least three months commencing on September 23, 1999.
Commission investigators alleged that CCI failed to comply with terms
and conditions imposed on its registration by the Commission requiring
CCI to file financial information with the Commission on a monthly basis.
In addition, Staff alleged that CCI failed to meet minimum capital
requirements as of May 31, 1999 in the amount of $38,725.00.
In addition to suspending CCI’s registration, the Commission ordered
that a review of CCI’s practices and procedures be conducted by an
independent third party and that any changes be implemented once
approved by a Director of the Commission.
The registration of CCI has been suspended for a period of three
months or until the changes are implemented to the satisfaction of a
Director of the Commission, whichever period is longer.
The Commission also ordered that CCI send a letter to each of its
clients by tomorrow, Friday, September 10, 1999, to notify them of the
suspension.
-IE Staff
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