Notice of Hearing: In the Matter of Ernst & Young LLP

Notice of Hearing

IN THE MATTER OF THE SECURITIES ACT
R.S.O. 1990, c. S.5, as amended

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IN THE MATTER OF
ERNST & YOUNG LLP

NOTICE OF HEARING
(Sections 127 and 127.1)



TAKE NOTICE that the Commission will hold a hearing pursuant to sections 127 and 127.1 of the Securities Act, R.S.O. 1990, c. S-5 as amended (the “Act”) at the offices of ASAP Reporting Services Inc. located at 333 Bay Street, Suite 900, Toronto, on January 7, 2013 at 10:00 am or as soon thereafter as the hearing can be held;

AND TAKE NOTICE that the purpose of the hearing is to consider whether, in the Commission’s opinion, it is in the public interest for the Commission to make an order that:

  1. the Respondent be reprimanded pursuant to clause 6 of subsection 127(1) of the Act;
  2. the Respondent pay an administrative penalty of not more than $1 million for each failure to comply with Ontario securities law pursuant to clause 9 of subsection 127(1) of the Act;
  3. the Respondent disgorge to the Commission any amounts obtained as a result of non-compliance with Ontario securities law pursuant to clause 10 of subsection 127(1) of the Act;
  4. the Respondent pay the costs of the Commission’s investigation and the costs of or related to any hearing before the Commission pursuant to section 127.1 of the Act; and
  5. to make such other orders as the Commission may deem appropriate.

BY REASON OF the allegations set out in the Statement of Allegations dated December 3, 2012, and such additional allegations as counsel may advise and the Commission may permit;

AND TAKE FURTHER NOTICE that any party to the proceeding may be represented by counsel at the hearing;

AND TAKE FURTHER NOTICE that upon failure of any party to attend at the time and place aforesaid, the hearing may proceed in the absence of that party and such party is not entitled to any further notice of the proceeding.

DATED at Toronto this 3rd day of December, 2012.

 

" John Stevenson "
John Stevenson
Secretary to the Commission