Ontario unveils emerging market probe
Tuesday 5 July 2011 - by Will Henley
Canada's main securities regulator has said it is reviewing the auditing and reporting practices of exchange-listed firms which have "significant" emerging market operations.
"Issuers who access our market, and the advisors who support them, have important responsibilities to investors and we will take regulatory action as warranted to ensure these responsibilities are met."
The regulator said that it had already contacted some issuers and will continue to do so over the coming weeks.
Other Canadian authorities, such as the Investment Industry Regulatory Organization of Canada and the Canadian Public Accountability Board, are also likely to be contacted, it said.
"Once the review is completed, the OSC will consider whether the findings have broader policy implications for the regulatory regime in Ontario, given the increasingly globalised marketplace," it added.
Sino-Forest Corp has denied the allegations against it.
Send us your thoughts (in strict confidence) or submit an article in response:
|Login||Register||Most read||Most commented|
Will markets in 2012 have a tougher time than 2011?