The OSC and IIROC have extended the deadline for the submission of forms in connection with the distribution of settlement funds to eligible investors who purchased third-party Asset-Backed Commercial Paper.
The original deadline for submission was June 30, 2012. The OSC and IIROC have extended this deadline to October 26, 2012, in order to ensure all eligible investors have an opportunity to submit.
The extension of the deadline will delay distribution of the settlement funds until after the end of October. The OSC and IIROC will provide further information on the distribution after forms are submitted.
The funds are comprised of settlements paid to either the OSC or IIROC by the five major investment dealers involved in selling ABCP before the 2007 market collapse. Scotia Capital paid $28.95 million, CIBC/CIBC World Markets Inc. paid $21.7 million, HSBC Bank of Canada paid $5.925 million, Canaccord Financial paid $3.1 million, and Credential Securities paid $200,000.
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Both committees are distributing approximately $59.875 million directly to investors who purchased ABCP from certain investment dealers during specific time periods. These monies were collected in enforcement settlements agreed to by these investment dealers.
Investors can contact the administrator about submission at:
ERNST & YOUNG INC.
Phone (in Toronto): 416-943-3077
Phone (toll-free): 1-888-990-1636
Email: OSCIIROC-ABCP@ca.ey.com
Additional information, including all forms and requirements, is available online at www.ey.com/ca/OSCIIROC-ABCP.