Proceedings

PDF Version

PDF Version



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

- and -

IN THE MATTER OF
JOSEPH CAZA and SALIM KANJI

- and -

IN THE MATTER OF A SETTLEMENT AGREEMENT BETWEEN STAFF OF THE
COMMISSION AND SALIM KANJI

ORDER



    WHEREAS on March 22, 2012, the Commission issued a Notice of Hearing (the “Notice of Hearing”) pursuant to section 127 of the Securities Act, R.S.O. 1990, c. S.5, as amended (the “Securities Act”) in respect of the conduct of Salim Kanji (“Kanji”) and one other;

    AND WHEREAS on March 22, 2012, Staff of the Commission filed a Statement of Allegations (the “Statement of Allegations”) in respect of the same matter;

    AND WHEREAS Kanji entered into a settlement agreement dated March 22, 2012 (the “Settlement Agreement”) in relation to the matters set out in the Statement of Allegations;

    UPON reviewing the Settlement Agreement, the Notice of Hearing, the Statement of Allegations, and upon considering submissions from Kanji and from 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 HEREBY ORDERED, PURSUANT TO SECTION 127(1) OF THE SECURITIES ACT THAT:

  1. the settlement agreement is approved;
  2. pursuant to clause 2 of section 127(1) of the Securities Act, Kanji shall cease trading in any securities for a period of 4 years, with the exception that Kanji is permitted to trade securities for the account of his registered retirement savings plan (“RRSP”) as defined in the Income Tax Act, R.S.C., 1985, c. 1, as amended, and/or tax-free savings accounts (“TFSA”) and/or for any registered education savings plan (“RESP”) accounts for which he is the or a sponsor ;
  3. pursuant to clause 2.1 of section 127(1) of the Securities Act, Kanji shall cease acquisitions of any securities for a period of 4 years, except acquisitions undertaken in connection with Kanji’s RRSP and/or TFSA and/or for any RESP accounts for which he is the or a sponsor;
  4. pursuant to clause 3 of section 127(1) of the Securities Act, any exemptions in Ontario securities law do not apply to Kanji for a period of 4 years, except to the extent such exemption is necessary for trades undertaken in connection with Kanji’s RRSP and/or TFSA and/or for any RESP accounts for which he is the or a sponsor;
  5. pursuant to clause 7 of section 127(1) of the Securities Act that Kanji resign any position that he holds as a director or officer of an issuer;
  6. pursuant to clause 8 of section 127(1) of the Securities Act that Kanji be prohibited from becoming or acting as a director or officer of any issuer for a period of 4 years;
  7. pursuant to clause 8.2 of section 127(1) of the Securities Act that Kanji be prohibited from becoming or acting as a director or officer of a registrant for a period of 4 years;
  8. pursuant to clause 8.4 of section 127(1) of the Securities Act that Kanji be prohibited from becoming or acting as a director or officer of an investment fund manager for a period of 4 years; and
  9. pursuant to clause 8.5 of section 127(1) of the Securities Act that Kanji be prohibited from becoming or acting as a registrant, as an investment fund manager or as a promoter for a period of 4 years.

    DATED at Toronto this 26th day of March, 2012.

 

" Christopher Portner "
Christopher Portner