OSC Finds Coventree ABCP Disclosure Deficient
Mondaq Business Briefing › Canada Law Articles in English (2011)
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OSC Finds Coventree ABCP Disclosure Deficient
On September 28, the Ontario Securities Commission (OSC) released its decision in the case against Coventree Inc. Coventree, an investment bank specializing in structured finance, was the largest third-party sponsor of asset-backed commercial paper (ABCP) in Canada. OSC staff had alleged, among other things, that Coventree failed to disclose material facts in its prospectus of November 2006, and also failed to disclose material changes regarding subsequent developments in the subprime market.
Ultimately, the OSC found that while Covent...See the full content of this document
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