IN THE MATTER OF THE SECURITIES ACT,
R.S.O. 1990, c. S.5, AS AMENDED
- AND -
IN THE MATTER OF ERNST & YOUNG LLP
(AUDITS OF ZUNGUI HAIXI CORPORATION)
(Sections 127 and 127.1)
WHEREAS on June 24, 2013 the Ontario Securities Commission (the “Commission”) issued a Notice of Hearing in relation to a Statement of Allegations filed by Staff of the Commission (“Staff”) pursuant to section 127 of the Securities Act, R.S.O. 1990, c. S.5, as amended (the “Act”) with respect to Ernst & Young LLP (the “Respondent”);
AND WHEREAS the Notice of Hearing stated that an initial hearing before the Commission would be held on July 15, 2013;
AND WHEREAS the Commission convened a hearing on July 15, 2013 and the matter was adjourned to a confidential pre-hearing conference to be held on September 30, 2013;
AND WHEREAS a confidential pre-hearing conference was held on September 30, 2013 and counsel for Staff and counsel for the Respondent both made submissions regarding the scheduling of the hearing on the merits (the “Merits Hearing”);
AND WHEREAS on September 30, 2013, the Commission ordered that the Merits Hearing shall commence on May 1, 2015 and continue as directed by Order of the Commission, and also ordered that a further confidential pre-hearing shall be held on December 11, 2013 at 11:00 a.m.
AND WHEREAS on December 10, 2013, all parties consented to adjourn the confidential pre-hearing conference of December 11, 2013, and the Commission ordered that the matter be adjourned to a confidential pre-hearing conference to be held on February 13, 2014 at 10:00 a.m.;
AND WHEREAS on February 7, 2014, Staff and the Respondent agreed that Staff would serve on the Respondent any expert reports by November 3, 2014, that the Respondent would serve on Staff any expert reports by February 2, 2015, that Staff would serve on the Respondent any reply expert reports by March 2, 2015, that no additional matters needed to be raised at the pre-hearing conference scheduled for February 13, 2014, and that it would therefore not be necessary to convene the pre-hearing conference;
AND WHEREAS the Commission is of the view that it is in the public interest to make this order;
IT IS HEREBY ORDERED THAT:
- The confidential pre-hearing conference scheduled for February 13, 2014 at 10:00 a.m. is vacated;
- Staff shall serve any expert report(s) on the Respondent by November 3, 2014;
- The Respondent shall serve any expert report(s) on Staff by February 2, 2015; and
- Staff shall serve any expert report(s) in reply on the Respondent by March 2, 2015.
DATED at Toronto this 11th of February, 2014.
Mary G. Condon