IN THE MATTER OF THE SECURITIES ACT,
R.S.O. 1990, c. S.5, AS AMENDED
- and -
IN THE MATTER OF
ZHEN (STEVEN) PANG and OASIS WORLD TRADING INC.
(Subsections 127(1) and 127(2) and section 127.1)
- on December 10, 2015, the Ontario Securities Commission (the “Commission”) issued a Notice of Hearing (the “Notice of Hearing”) in relation to a Statement of Allegations filed by Staff of the Commission (“Staff”) (the “Statement of Allegations”) on December 10, 2015, in respect of Zhen (Steven) Pang (“Pang”) and Oasis World Trading Inc. (“Oasis”) (together, the “Respondents”);
- the Notice of Hearing gave notice that on December 14, 2015, the Commission would hold a hearing to consider whether it is in the public interest to approve a settlement agreement between Staff and the Respondents dated December 10, 2015 (the “Settlement Agreement”);
- Oasis has retained an independent consultant (“the Monitor”), approved by Staff, to design and implement a new compliance structure;
- the Commission reviewed the Settlement Agreement, the Notice of Hearing and the Statement of Allegations, and heard submissions from counsel for the Respondents and Staff; and
- the Commission is of the opinion that it is in the public interest to make this order;
IT IS ORDERED THAT:
- the Settlement Agreement is approved;
- pursuant to paragraph 6 of subsection 127(1) of the Act, the Respondents are reprimanded;
- pursuant to paragraph 8 of subsection 127(1) and subsection 127(2) of the Act, Pang shall be prohibited from acting as a director or officer of Oasis, and shall not be involved in any way with proprietary trading at Oasis, for one year from the date of this order;
- pursuant to paragraph 8 of subsection 127(1) of the Act, Pang shall be prohibited from becoming or acting as a director or officer of any issuer that is in the business of trading on any recognized Canadian exchange for one year from the date of this order;
- pursuant to paragraph 9 of subsection 127(1) of the Act, Oasis shall pay an administrative penalty of $225,000 to the Commission, which is designated for allocation or use by the Commission in accordance with section 3.4(2)(b) of the Act;
- pursuant to section 127.1 of the Act, Oasis shall pay the costs of the Commission’s investigation in the amount of $75,000;
- with regard to the payments referred to in paragraphs 5 and 6 (the “Required Payments”), Oasis shall pay $150,000 by way of certified cheque upon the date of this order and then $20,000 per month, beginning within one week of the submission of the Monitor’s first report to Staff, and at one month intervals (or the closest business day) thereafter until the Required Payments are made in full;
- if Oasis fails to make any of the payments required by paragraph 7 above, the remaining unpaid balance becomes due and owing immediately; and
- pursuant to section 127(2) of the Act, Oasis shall:
- within six months of the date of this order, cause the Monitor to assess Oasis’s new compliance structure and provide a report to Staff; and
- within one year of the date of this order, cause the Monitor to conduct a further assessment and provide a final report to Staff.
DATED AT TORONTO this 14th day of December, 2015.
" Timothy Moseley "