Proceedings

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IN THE MATTER OF THE SECURITIES ACT

R.S.O. 1990, C. S.5, AS AMENDED

- AND -

IN THE MATTER OF

CIBC WORLD MARKETS INC.


ORDER

(Section 127 and 127.1)

 

WHEREAS on January 27, 2003 the Ontario Securities
Commission issued a Notice of Hearing pursuant to sections 127 and 127.1 of the Securities Act, R.S.O. 1990 c.S.5, as amended (the "Act") in respect of CIBC World Markets Inc.;

AND WHEREAS CIBC World Markets entered into a
settlement agreement with Staff of the Commission dated February 12, 2003 (the "Settlement Agreement") in which they agreed to a proposed settlement of the proceeding, subject to the approval of the Commission;

AND UPON reviewing the Settlement Agreement and the
Statement of Allegations of Staff of the Commission, and upon hearing submissions counsel for CIBC World Markets and from counsel for Staff of the Commission;

AND WHEREAS the Commission is of the opinion that
it is in the public interest to make this Order;

IT IS ORDERED THAT:

(1) the Settlement Agreement dated February 12, 2003 attached to this Order is hereby approved;

(2) pursuant to clause 4 of subsection 127(1) of the Act, CIBC World Markets is hereby required to submit to a review of its practices relating to the disclosure of potential conflicts of interest in its equities research reports and to institute such changes as may be ordered by the Commission, in accordance with the procedure outlined in paragraph 49(a) of the Settlement Agreement; and

(3) pursuant to clause 6 of subsection 127(1) of the Act, CIBC World Markets is hereby reprimanded by the Commission.

DATED at Toronto this 27th day of February, 2003


"Theresa McLeod"
"Derek Brown"
Theresa McLeod Derek Brown