Statement of Allegations: In the Matter of HSBC Bank Canada
IN THE MATTER OF THE SECURITIES ACT
R.S.O. 1990, c. S.5, AS AMENDED
and
IN THE MATTER OF HSBC BANK CANADA
STATEMENT OF ALLEGATIONS
Staff of the Ontario Securities Commission (“Staff”) allege that:
1. Between July 25 and August 13, 2007, HSBC Bank Canada engaged in conduct contrary to the public interest by failing to adequately respond to emerging issues in the third-party asset-backed commercial paper (“ABCP”) market insofar as it continued to sell third-party ABCP without engaging compliance and other appropriate processes for the assessment of such emerging issues.
December 18, 2009