Order: In the Matter of Global RESP Corporation and Global Growth Assets Inc.
IN THE MATTER OF THE SECURITIES ACT,
R.S.O. 1990, c. S.5 AS AMENDED
- AND -
IN THE MATTER OF
GLOBAL RESP CORPORATION AND
GLOBAL GROWTH ASSETS INC.
(Subsections 127(1) and (8))
WHEREAS on July 26, 2012, the Ontario Securities Commission (“the “Commission”) ordered pursuant to subsections 127(1) and (5) that the terms and conditions set out in schedules “A” and “B” to the Commission order be imposed on Global RESP Corporation (“Global RESP”) and Global Growth Assets Inc. (“GGAI”) (the “Temporary Order”);
AND WHEREAS the Temporary Order was obtained on notice to Respondents who consented to the terms of the Temporary Order;
AND WHEREAS on July 26, 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 August 10, 2012 at 9:30 a.m.;
AND WHEREAS on August 1, 2012, the Commission issued a Notice of Hearing pursuant to section 127 of the Ontario Securities Act, R.S.O. 1990, c. S.5, as amended (the “Act”) 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 at a hearing at 9:30 a.m. on August 10, 2012 (the “Hearing”);
AND WHEREAS on August 1, 2012 Staff served Respondents’ counsel with the Notice of Hearing;
AND WHEREAS on July 25, 2012, Staff served Robert Brush, counsel for the Respondents, with the Affidavit of Stratis Kouros sworn July 24, 2012 and filed the same affidavit with the Commission on August 10, 2012 in support of the extension of the Temporary Order;
AND WHEREAS the Respondents, through their counsel, have advised that they consent to the terms of this Order;
AND WHEREAS Respondents’ counsel has advised that the Respondents’ Consultant and Monitor have been approved and work by the monitor and consultant has started;
AND WHEREAS the Commission considers that it is in the public interest to make this Order;
AND WHEREAS by Authorization Order made June 13, 2012, pursuant to subsection 3.5(3) of the Act, each of Howard I. Wetston, James E. A. Turner, Kevin J. Kelly, James D. Carnwath, May G. Condon, Margot C. Howard, Paulette L. Kennedy, Vern Krishna, Christopher Portner and Edward P. Kerwin, acting alone, is authorized to exercise the powers of the Commission under the Act and, subject to subsection 3.5(4) of the Act, to make orders under section 127 of the Act;
IT IS HEREBY ORDERED pursuant to section 127 of the Act on consent of the parties that:
- the Temporary Order shall remain in effect until such further order of the Commission; and
- the hearing is adjourned to November 8, 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 Global RESP and GGAI.
DATED at Toronto this 10th day of August, 2012.
James E. A. Turner