Further to our Canadian Market News bulletin dated 22 September 2008, the Ontario Securities Commission (OSC) has announced that it will extend its order prohibiting short selling of certain financial sector issuers that are listed on the Toronto Stock Exchange (TSX) and interlisted in the US (with the exception of one issuer whose shares are exchangeable). The ban will be extended until 11:59 pm on 8 October 2008.
The companies affected are: Bank of Montreal, The Bank of Nova Scotia, Canadian Imperial Bank of Commerce, Fairfax Financial Holdings Limited, Kingsway Financial Services Inc., Manulife Financial Corporation, Quest Capital Corp., Royal Bank of Canada, Sun Life Financial Inc., Thomas Weisel Partners Group Inc., The Toronto-Dominion Bank, and Merrill Lynch & Co., Canada Ltd.
Aberdeen Asia-Pacific Income Investment Company Ltd. has been removed from the list of issuers subject to the Extension Order as it is not interlisted in the US.
This extension by the OSC supports the decision made by the US Securities Exchange Commission on 2 October 2008 to extend its own short selling ban until 11:59 pm on 8 October 2008.
The order was issued by the OSC in its capacity as lead regulator of the TSX, and supported by the Canadian Securities Administrators. Other jurisdictions are examining the order and may take similar action in the next several days.
D.C.