In its widely reported probe of four top Canadian mutual fund firms, the Ontario Securities Commission has announced that market timing did not take place at any of them, as far as they can see. The probe, however, does not yet seem to be complete.

The funds, CI Mutual Funds, AIC Limited, AGF Fund Management and Investors Group, were also investigated for late trading, and no instance of that was found, either.

In a release, the OSC said it is still in discussions with managers from the four firms. The OSC seemed careful not to completely exonerate the funds, however, which have been part of an ongoing industry probe in Canada since last November.

"We are committed to resolving these matters as expeditiously as possible," said the OSC Director of Enforcement Michael Watson.

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