The Ontario Securities Commission will hold a hearing into Conrad Black’s attempt to take private his holding company Hollinger Inc.

On Friday, the OSC said it will hold a hearing on the proposal on March 21 — 10 days before the buyback of the public float is scheduled to go to shareholders for a vote.

An OSC panel of commissioners will examine a request by Hollinger Inc., Black and some of his related companies for a variance from a cease-trade order that has been in place since last June. That order prevents them from trading shares of subsidiary Hollinger International Inc.

The OSC stopped the trading by company insiders of Hollinger International and Hollinger Inc. — including Lord Black, board members and senior managers — because Hollinger International was behind in financial filings. It still has not filed audited year-end financial reports for 2003, or any quarterly reports for 2004.

The OSC notice says some of the individuals and entities whose trading has been stopped have applied for a variance of the cease-trade order, “to permit certain direct or indirect trades” in class-A shares of Hollinger International. Some trades, “or acts in furtherance of such trades” may take place as part of the proposal to take Hollinger Inc. private, the OSC notice says.

Black needs the variance in the cease trade order to complete a portion of the privatization that involves conversion of Hollinger Inc. series 2 preferred shares to shares of Hollinger International.

The OSC says its panel will decide whether the “requested relief” will “be prejudicial to the public interest.”

The OSC is also considering holding a hearing to look into conduct that took place at Hollinger Inc. while Black was in direct control.