Aberdeen Asset Management Asia Limited - s. 147

Headnote

Application for an order, pursuant to section 147 of the Act, for an exemption from the requirement in section 139 of Regulation 1015 made pursuant to the Act that the Applicant deliver its audited annual financial statements to the Commission by no later than 90 days following the end of its 2007 financial year.

Statute Cited

Securities Act, R.S.O. 1990, c. S.5, as am., s. 147.

Regulation Cited

R.R.O. 1990, Regulation 1015, am. to O. Reg. 500/06, s. 139.

IN THE MATTER OF

THE SECURITIES ACT,

R.S.O. 1990, CHAPTER S.5, AS AMENDED

(the ACT)

AND

IN THE MATTER OF

ABERDEEN ASSET MANAGEMENT ASIA LIMITED

ORDER

(Subsection 147 of the Act)

UPON the application (the Application) of Aberdeen Asset Management Asia Limited (the Applicant) to the Ontario Securities Commission (the Commission) for an order pursuant to section 147 of the Act for an exemption from the requirement in section 139 of Regulation 1015 made pursuant to the Act (the Regulation) that the Applicant deliver its audited annual financial statements to the Commission by no later than 90 days following the end of its 2007 financial year;

AND UPON considering the application and the recommendation of staff of the Commission;

AND UPON the Applicant having represented that:

1. The Applicant is registered with the Commission as a non-Canadian adviser.

2. The Applicant's financial year end is September 30.

3. The Applicant's local authority, the Monetary Authority of Singapore, requires the Applicant to file its audited annual financial statements no later than five months after its financial year end, that is, on or before February 29, 2008.

4. Although the Applicant had impressed upon its auditors, Messrs. KPMG, the need to complete the Applicant's audited annual financial statements for the period ended September 30, 2007 (the 2007 Financial Statements) by December 31, 2007, that was not possible because Aberdeen Asset Management PLC, the Applicant's holding company, was sorting out the issue of recharge of share based payment at the group level, which resulted in the delay of finalising the audited accounts of the Applicant.

5. The Applicant filed the 2007 Financial Statements with the Commission on January 25, 2008.

AND WHEREAS the Commission is satisfied that it would not be prejudicial to the public interest to make the requested Order on the proposed basis,

IT IS ORDERED pursuant to section 147 of the Act that the Applicant is exempt from the requirement in section 139 of the Regulation that the Applicant deliver the 2007 Financial Statements to the Commission by December 31, 2007, given that the Applicant delivered the 2007 Financial Statements to the Commission on January 25, 2008.

DATED this 1st day of February, 2008