The Ontario Securities Commission, Canada's chief regulator, said Monday it has reached a settlement with Franklin Templeton Investments over market timing allegations at some of its mutual funds, according to Reuters.

The OSC launched its probe of the Canadian mutual fund industry late last year when it approved a C$156.5 million settlement with four of Canada's largest fund companies. Franklin-Templeton, a unit of U.S. fund manager Franklin Resources was the last fund under investigation by the OSC.

The OSC said it will consider the settlement at a hearing on Thursday.

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