Register today for OSC Dialogue 2024: Inviting, thriving and secure capital markets
Conning Asset Management Company - s. 147
Headnote
Application for an order pursuant to section 147 of the Act for an exemption from the requirement in section 139 of Regulation 1015 made pursuant to the Act that the Applicant deliver its audited annual financial statements to the Commission by no later than 90 days following the end of its 2006 financial year.
Statutes Cited
Securities Act, R.S.O. 1990, c. S.5, as am., s. 147.
IN THE MATTER OF
THE SECURITIES ACT,
R.S.O. 1990, CHAPTER S.5, AS AMENDED (the ACT)
AND
IN THE MATTER OF
CONNING ASSET MANAGEMENT COMPANY
ORDER
(Subsection 147 of the Act)
UPON the application (the Application) of Conning Asset Management Company, (the Applicant) to the Ontario Securities Commission (the Commission) for an order pursuant to section 147 of the Act for an exemption from the requirement in section 139 of Regulation 1015 made pursuant to the Act (the Regulation) that the Applicant deliver its audited annual financial statements to the Commission by no later than 90 days following the end of its 2006 financial year.
AND UPON considering the application and the recommendation of staff of the Commission;
AND UPON the Applicant having represented that:
1. The Applicant expects a limited delay in the ability of its auditor, Price Waterhouse Coopers, to execute the auditor's report in connection with its audit of the Applicant's annual financial statements for the financial year ended December 31, 2006.
2. The events that are the cause of this expected delay were disclosed to the Commission in the spring of 2006 and also resulted in a delay of the delivery of the Applicant's audited annual financial statements for the financial year ended December 31, 2005.
3. In April of 2006, after having discussions with the Applicant and its auditor, the Commission granted an extension to the Applicant, allowing it to deliver its audited annual financial statements by May 31, 2006.
4. The Applicant currently expects that the audit of its 2006 annual financial statements will be completed to allow for the delivery thereof on or about May 1, 2007.
AND WHEREAS the Commission is satisfied that it would not be prejudicial to the public interest to make the requested Order on the proposed basis,
IT IS ORDERED pursuant to section 147 of the Act that the Applicant is exempt from the requirement in section 139 of the Regulation that the Applicant deliver its audited annual financial statements to the Commission for its financial year ended December 31, 2006 by April 2, 2006, provided that the Applicant delivers its annual audited financial statements to the Commission by May 1, 2007.
April 24, 2007
"Wendell S. Wigle"
"Margot C. Howard"