OSC and IIROC Announce Distribution Plans for ABCP Settlement Funds

(Toronto, ON) – The Ontario Securities Commission (OSC) and Investment Industry Regulatory Organization of Canada (IIROC) announced today the appointment of Ernst & Young Inc. (the “Administrator”) to administer the distribution of funds to eligible investors who purchased third-party Asset-Backed Commercial Paper (ABCP).

This appointment will facilitate the OSC and IIROC’s distribution of approximately $59.875 million directly to investors who purchased ABCP from the following five investment dealers during specific time periods:

• Canadian Imperial Bank of Commerce/CIBC World Markets Inc. and HSBC Bank of Canada, which paid $21.7 million and $5.925 million, respectively, to the OSC.
• Scotia Capital Inc., Canaccord Financial Ltd. and Credential Securities Inc., which paid $28.95 million, $3.1 million and $200,000, respectively, to IIROC.

The monies were collected in enforcement settlements agreed to by these investment dealers. The OSC and IIROC worked jointly to determine eligibility criteria based primarily on the facts set out in the settlement agreements with the settling dealers.

The Administrator will begin contacting potentially eligible investors by mail this month with details regarding eligibility criteria to participate in the distribution and the distribution process. Eligible investors will be required to submit a completed participation form to the Administrator by June 30, 2012. The intent is to distribute the funds directly to eligible investors in September 2012 after the allocation is determined.

Additional information and eligibility requirements are available in materials posted by the Administrator online at www.ey.com/ca/OSCIIROC-ABCP. Any investor questions on the distribution should be addressed directly to the Administrator at:

ERNST & YOUNG INC.

Phone (in Toronto):           416-943-3077
Phone (toll-free):           1-888-990-1636
Email:     [email protected]

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The OSC is the regulatory body responsible for overseeing Ontario’s capital markets. The OSC administers and enforces Ontario’s securities and commodity futures laws. Its mandate is to provide protection to investors from unfair, improper or fraudulent practices and to foster fair and efficient capital markets and confidence in capital markets.

IIROC is the national self-regulatory organization which oversees all investment dealers and trading activity on debt and equity marketplaces in Canada. IIROC sets high quality regulatory and investment industry standards, protects investors and strengthens market integrity while maintaining efficient and competitive capital markets.

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