IN THE MATTER OF THE SECURITIES ACT,
R.S.O. 1990, c. S.5 AS AMENDED
- AND -
IN THE MATTER OF SKYLINE APARTMENT REAL ESTATE INVESTMENT TRUST,
SKYLINE INCORPORATED, and SKYLINE ASSET MANAGEMENT INC.
WHEREAS on March 16, 2011, the Ontario Securities Commission (the “Commission”) issued a Notice of Hearing pursuant to sections 127 and 127.1 of the Securities Act, R.S.O. 1990, c. S.5, as amended (the “Act”) in relation to the Skyline Apartment Real Estate Investment Trust, Skyline Incorporated and Skyline Asset Management Inc. (the “Respondents”);
AND WHEREAS the Respondents and Staff of the Commission (“Staff”) entered into a settlement agreement dated March 15, 2011 (the “Settlement Agreement”) in which they agreed to a settlement of the proceeding commenced by the Notice of Hearing dated March 16, 2011, subject to the approval of the Commission;
AND UPON reviewing the Settlement Agreement, the Notice of Hearing and Statement of Allegations of Staff of the Commission, and upon hearing submissions from counsel for Staff and the Respondents;
AND WHEREAS the Commission is of the opinion that it is in the public interest to make this Order;
IT IS ORDERED THAT:
- The Settlement Agreement is approved;
- The Respondents are reprimanded;
- The Respondents shall, contemporaneously with the signing of this Order, pay an administrative penalty of $300,000 on a joint and several basis as a result of their non-compliance with Ontario securities law; and
- The Respondents shall, contemporaneously with the signing of this order, pay $150,000 on a joint and several basis, representing a portion of Staff’s costs in this matter.
DATED at Toronto this 18th day of March, 2011.