Canadian regulators announced potential enforcement proceedings against four of the largest Canadian mutual fund companies last week, as the fund industry market-timing scandal expanded north of the border.
The Ontario Securities Commission announced the possible charges last week, but did not name the companies that were notified. Instead, the regulator urged them to come clean with the public on their own. The following day, Investors Group Inc. of Winnipeg, a unit of IGM Financial Inc., as well as CI Fund Management Inc. and AGF Management, both in Toronto, and AIC Ltd. of Burlington, Ontario, all issued statements indicating they had been notified of potential enforcement action from the OSC. The regulator also noted that it made the announcement about all four firms simultaneously so as not to unfairly single out, or bring undue infamy on, one particular shop.