IN THE MATTER OF THE SECURITIES ACT,
R.S.O. 1990, c. S.5 AS AMENDED
- AND -
IN THE MATTER OF
CHILDREN’S EDUCATION FUNDS INC.
(Subsections 127(1) and (8))
WHEREAS on September 14, 2012, the Ontario Securities Commission (the “Commission”) ordered pursuant to subsections 127(1) and (5) of the Securities Act, R.S.O. 1990, c. S.5, as amended (the “Act”) that the terms and conditions set out in Schedule “A” to the Commission order be imposed on Children’s Education Funds Inc. (“CEFI”) (the “Temporary Order”);
AND WHEREAS on September 14, 2012, the Commission ordered that the Temporary Order shall take force immediately and shall expire on the fifteenth day after its making unless extended by order of the Commission and ordered that the matter be brought back before the Commission on September 26, 2012 at 10:00 a.m.;
AND WHEREAS on September 20, 2012, the Commission issued a Notice of Hearing pursuant to section 127 of the Act in respect of a hearing to be held on 10:00 a.m. on September 26, 2012 to consider whether, in the opinion of the Commission, it is in the public interest, pursuant to subsections 127(7) and (8) of the Act to extend the Temporary Order (the “Notice of Hearing”);
AND WHEREAS on September 19, 2012, Staff served Respondent’s counsel with the Affidavit of Maria Carelli sworn September 18, 2012 and filed the same affidavit with the Commission on September 26, 2012 in support of the extension of the Temporary Order;
AND WHEREAS on September 20, 2012, Staff served the Respondent’s counsel with the Notice of Hearing;
AND WHEREAS the Respondent, through its counsel, has advised that it consents to the terms of this Order;
AND WHEREAS the Respondent’s counsel has advised that the independent consultant and independent monitor have been approved and have started their work;
AND WHEREAS the Commission considers that it is in the public interest to make this Order;
IT IS HEREBY ORDERED pursuant to section 127 of the Act and on consent of the parties that:
- the Temporary Order is extended until December 7, 2012 or until further order of the Commission; and
- the hearing in this matter is adjourned to December 6, 2012 at 10:00 a.m. for the purpose of providing the Commission with an update on the work completed by the monitor and the consultant as required under the terms and conditions imposed on CEFI.
DATED at Toronto this 26th day of September, 2012.
James E. A. Turner