Notice of Hearing: In the Matter of CIBC World Markets Inc.
IN THE MATTER OF THE SECURITIES ACT,
R.S.O. 1990, c S.5, as amended
IN THE MATTER OF CIBC WORLD MARKETS INC.
NOTICE OF HEARING
(Section 127 and 127.1)
TAKE NOTICE that the Ontario Securities Commission (the "Commission") will hold a hearing pursuant to sections 127 and 127.1 of the Securities Act, R.S.O. 1990, c. S.5, as amended (the "Act"), at the offices of the Commission located at 20 Queen Street West, Toronto, in the Large Hearing Room located on the 17th Floor, on Thursday February 27, 2003 at 10:00 am or as soon thereafter as the hearing can be held;
TO CONSIDER whether, pursuant to sections 127 and 127.1 of the Act, it is in the public interest for the Commission to make an order:
(a) approving the settlement agreement entered into between Staff of the Commission and CIBC World Markets Inc., which approval will be sought by Staff and CIBC World Markets;
(b) requiring that CIBC World Markets submit to a review of its practices relating to the disclosure of potential conflicts of interest in its equities research reports and institute such changes as may be ordered by the Commission;
(c) administering a reprimand to CIBC World Markets; and
(d) requiring CIBC World Markets to make a payment of $100,000 towards the costs of the joint investigation in this matter conducted by Staff of the Commission and by Staff of the Commission des valeurs mobilières du Quebec ("CVMQ").
BY REASON OF the allegations set out in the Statement of Allegations of Staff dated January 27, 2003 and such additional allegations as counsel may advise and the Commission may permit;
AND TAKE FURTHER NOTICE that the hearing will be held jointly with the CVMQ, in accordance with Rule 8 of the Commission's Rules of Practice;
AND TAKE FURTHER NOTICE that any party to the proceedings may be represented by counsel;
AND TAKE FURTHER NOTICE that upon the failure of any party to attend at the time and place aforesaid, the hearing may proceed in the absence of that party and such party is not entitled to any further notice of the proceeding.
Dated at Toronto this 27th day of January, 2003
Secretary to the Commission
|TO:||Mr. Joel Wiesenfeld
TD Centre, Suite 3000
79 Wellington Street West
Counsel to CIBC World Markets Inc.