In its initial probe of four top Canadian mutual fund firms, the Ontario Securities Commission announced that market timing did not take place. The OSC also investigated CI Mutual Funds, AIC Ltd., AGF Fund Management and Investors Group for late trading and found no instance of that, either.

However, the OSC said it is still in discussions with managers from the four firms, and seemed careful not to completely exonerate the funds. "We are committed to resolving these matters as expeditiously as possible," said OSC Director of Enforcement Michael Watson.

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