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ARTICLE · 21 NOVEMBER 2011

OSC’s Coventree Decision Provides Guidance On Disclosure Obligations

Blake, Cassels & Graydon LLP
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The Ontario Securities Commission (the OSC) has released its reasons for decision "In the Matter of Coventree Inc., Geoffrey Cornish and Dean Tai".

CanadaFinance and Banking
Markus Viirland
Markus Viirland
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Copyright 2011, Blake, Cassels & Graydon LLP

Originally published in Blakes Bulletin on Securities Regulation, November 2011

The Ontario Securities Commission (the OSC) has released its reasons for decision In the Matter of Coventree Inc., Geoffrey Cornish and Dean Tai. The decision examines whether Coventree Inc. complied with its disclosure obligations in its prospectus relating to the initial public offering of its shares on the Toronto Stock Exchange (TSX) in 2006 and its timely disclosure obligations in 2007 prior to the market for certain asset-backed commercial paper (ABCP) freezing up on August 13, 2007. It also examines whether Geoffrey Cornish and Dean Tai in their capacities as senior officers and directors of Coventree violated the Securities Act (Ontario) (the Act) and whether Coventree made misleading statements in presentations to ABCP investors it delivered in April 2007.

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