The Ontario Securities Commission (OSC) has suspended the registration of Winnipeg-based Jory Capital Inc.
According to the decision released Friday by the OSC, the firm had its registration suspended by its principal regulator, the Manitoba Securities Commission (MSC), back on November 22, over concerns about its capital position.
Jory’s registration has also been suspended in BC, Alberta and Saskatchewan, as a result of the MSC’s allegations.
In its decision, an OSC director says that, given the allegations raised by the MSC, “… it would be objectionable for Jory to be registered… I am concerned that it would be inconsistent with the OSC’s mandate to provide investor protection and to foster fair and efficient capital markets and confidence in capital markets to permit Jory to remain registered in Ontario.”
It says that OSC staff recommended on Nov. 29 that Jory be suspended, and that the firm was advised that it is entitled to an opportunity to be heard before the director decided whether to accept staff’s recommendation.
However, it says that the firm did not respond to the notice. And so, the commission has decided that the registration of Jory be suspended, effective immediately.