Proceedings

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IN THE MATTER OF THE SECURITIES ACT,
R.S.O. 1990, c. S.5 AS AMENDED

- AND -

QUANTFX ASSET MANAGEMENT INC., VADIM TSATSKIN, LUCIEN SHTROMVASER and ROSTISLAV ZEMLINSKY

ORDER
(Subsections 127(7) and 127(8))



    WHEREAS on April 9, 2010, the Ontario Securities Commission (the “Commission”) issued a temporary order pursuant to subsections 127(1) and 127(5) of the Securities Act, R.S.O. 1990, c. S.5, as amended (the “Act”) ordering the following (the “Temporary Order”):

  1. that QuantFX Asset Management Inc. (“QuantFX”), Vadim Tsatskin (“Tsatskin”), Lucien Shtromvaser (“Shtromvaser”) and Rostislav Zemlinsky (“Zemlinsky”), collectively the “Respondents”, cease trading in all securities; and
  2. that any exemptions contained in Ontario securities law do not apply to the Respondents;

    AND WHEREAS on April 9, 2010, the Commission ordered that the Temporary Order shall expire on the 15th day after its making unless extended by order of the Commission;

    AND WHEREAS on April 13, 2010, the Commission issued a Notice of Hearing to consider, among other things, the extension of the Temporary Order, to be held on April 23, 2010;

    AND WHEREAS on April 23, 2010, October 13, 2010 and November 18, 2010, the Commission extended the Temporary Order;

    AND WHEREAS on November 10, 2010, the Commission issued a Notice of Hearing pursuant to sections 37, 127 and 127.1 of the Act accompanied by a Statement of Allegations dated November 10, 2010, issued by Staff of the Commission (“Staff”) with respect to QuantFX, Tsatskin, Shtromvaser and Zemlinsky;

    AND WHEREAS on November 17, 2010, the Commission issued an Amended Notice of Hearing correcting a typographical error;

    AND WHEREAS on January 26, 2011, a hearing was held at 12:00 p.m. and Staff appeared before the Commission and no one appeared on behalf of any of the Respondents;

    AND WHEREAS Staff requested an extension of the Temporary Order for six weeks;

    AND WHEREAS Staff advised the Commission that Tsatskin and counsel for QuantFX, Shtromvaser and Zemlinsky consented to the extension of the Temporary Order and the adjournment of the hearing and the Commission was satisfied that Staff properly served the Respondents;

    AND WHEREAS the Commission is of the opinion that it is in the public interest to extend the Temporary Order;

    IT IS ORDERED that the Temporary Order is extended to March 9, 2011 and that the hearing in this matter is adjourned to March 8, 2011 at 12:00 p.m. or on such other date or time as provided by the Secretary’s Office and agreed to by the parties.

 

    DATED at Toronto this 26th day of January, 2011.

 

" Carol S. Perry"
Carol S. Perry