(October 7 – 14:40 ET) – The
Ontario Securities Commission has
issued reasons for decision in
relation to a hearing involving
CCI Capital Canada Limited,
a mutual fund dealer registered
with the Commission.
On September 9, 1999, the
Commission suspended the
registration of CCI for a period
of at least three months commencing
on September 23, 1999. Staff of
the Commission had alleged that
CCI failed to comply with terms
and conditions imposed on its
registration by the Commission
which required CCI to file certain
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.
In its reasons, the Commission
held the requirements imposed on
registrants for the filing of
financial statements and other
information with the Commission
are imposed for the protection
of their customers. It is not good
enough to argue that no one has
been injured by the failure. It is
the possibility of injury with
which we have to concern ourselves
in matters such as this one.
-IE Staff
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