Proceedings

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IN THE MATTER OF THE SECURITIES ACT
R.S.O. 1990, c. S.5, as amended

AND

BMO NESBITT BURNS INC.

STATEMENT OF ALLEGATIONS OF STAFF
OF THE ONTARIO SECURITIES COMMISSION



STAFF OF THE ONTARIO SECURITIES COMMISSION MAKE THE FOLLOWING ALLEGATIONS:

1. BMO Nesbitt Burns Inc. ("BMONB") was the lead underwriter for the initial public offering of FMF Capital Group Ltd. by prospectus dated March 16, 2005 (the "FMF Offering").

2. On or between October 13, 2004 and March 16, 2005, BMONB engaged in conduct contrary to the public interest by conducting due diligence in respect of the FMF Offering in a manner that did not comply with reasonable underwriting practices.

Dated at Toronto this 8th day of November, 2010