Bloomberg the Company & Products

Bloomberg Anywhere Login

Bloomberg

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.

Company

Financial Products

Enterprise Products

Media

Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000

Communications

Industry Products

Media Services

Follow Us

Ontario Regulator Reviewing 24 Emerging Markets Issuers

Nov. 1 (Bloomberg) -- The Ontario Securities Commission, Canada’s main stock-market regulator, is reviewing 24 emerging-market issuers in the wake of its investigation of forestry company Sino-Forest Corp.

The regulator is trying to determine whether the companies “provided the required disclosure and conducted the required due diligence,” OSC Chairman Howard Wetston said today at an event in Toronto.

According to preliminary findings, Wetston noted “governance challenges” whenever the issuer’s management and bulk of its operations are based in a foreign jurisdiction. The regulator is also finding that audit procedures may be impacted by companies located abroad.

The Ontario Securities Commission on Sept. 8 extended a trading ban on Sino-Forest shares to Jan. 25 as it investigates allegations of fraud at the company. The OSC ordered a cease-trade order on Aug. 26 and said that officers and directors of Hong Kong- and Mississauga, Ontario-based Sino-Forest may have engaged in acts “related to its securities” that they “knew or should have known” perpetrated a fraud.

To contact the reporter on this story: Doug Alexander in Toronto at dalexander3@bloomberg.net

To contact the editors responsible for this story: David Scheer at dscheer@bloomberg.net; David Scanlan at dscanlan@bloomberg.net

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.