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Money Management Executive

Franklin 5th Firm to Come Under Canadian Scope

December 15, 2004, 1:00 a.m. EST 1 Min Read

Franklin Templeton is the fifth mutual fund company to come under the watchful eye of the Ontario Securities Commission, Canadian Press reports. And if found guilty of market timing, Franklin and the four other fund companies are not going to come off lightly, as the OSC is expected to levy record fines.

Three of the other fund companies being investigated by the OCS reached an undisclosed settlement this week. Regulators said publicly that fines resulting from the current investigation are likely to shatter previous records for the Canadian financial services industry.

Canada’s other main securities regulator, the Investment Dealers Association, is conducting separate probes targeting three bank-owned brokerage groups: BMO Nesbitt Burns, TD Waterhouse (Canada) and RBC Dominion Securities. Each of the brokerage units have reached tentative settlements with the IDA.

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The staff of Money Management Executive ("MME") has prepared these capsule summaries based on reports published by the news sources to which they are attributed. Those news sources are not associated with MME, and have not prepared, sponsored, endorsed, or approved these summaries.
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