Proceedings

PDF Version

PDF Version
 

File No. 2019-33

 

IN THE MATTER OF
SENTRY INVESTMENTS INC. and SEAN DRISCOLL

 

Lawrence P. Haber, Commissioner and Chair of the Panel

September 20, 2019

ORDER

 Section 144 of the
Securities Act, RSO 1990, c S.5

 

WHEREAS the Ontario Securities Commission held a hearing in writing to consider an application made by CI Investments Inc. (CI), to vary the terms of an order issued by the Commission on April 5, 2017 (the Order) relating to a Settlement Agreement entered into on March 31, 2017, among the parties to this matter (the Application); 

ON READING the Application dated August 23, 2019, and considering the Affidavit of Anne Ramsay dated August 22, 2019, including that Sentry was amalgamated with CI on June 1, 2018, and on reading that Staff of the Commission consents to the Application and Sean Driscoll does not oppose the Application;

IT IS ORDERED THAT:

1. paragraph 3(a) of the Order is removed; and  
2. clauses are added at the end of the Order to read:

 5. CI Investments Inc. (“CI”) shall:

  1. cause the Consultant to submit by December 31, 2019 a letter (the “Attestation Letter”), expressing its conclusions on whether the revised internal controls, policies and procedures relating to sales practices set out in the Plan (as have now been incorporated into CI’s internal controls, policies and procedures) were working appropriately and adequately followed, administered and enforced for the 9-month period commencing July 1, 2018;
  2. cause the Consultant to submit by December 31, 2019, a letter (the “Transition Letter”) expressing its conclusions on whether the transition of the Sentry Funds to CI occurred without error and whether the functions related to transfer agency, fund accounting and trust accounting have been fully integrated into CI;
  3. cause the Consultant to include with the Attestation Letter and the Transition Letter (collectively, the “Letters”) a description of the testing performed to support the conclusions contained in each of the respective Letters;
  4. cause the Consultant to submit such additional reports as may be requested by the OSC Manager for the purpose of satisfying the OSC Manager that the conclusions expressed in the Letters are valid; and
  5. provide the Consultant with reasonable access to all of CI’s books and records necessary to complete its mandates and shall require its officers, directors and employees to cooperate fully with the Consultant with respect to its work.

6. CI authorizes the Consultant to communicate with Staff about its work in relation to the Letters without restriction.


 

" Lawrence P. Haber"
Lawrence P. Haber