Securities Law & Instruments

Headnote

Application for an order, pursuant to section 147 of the Act, for an exemption from the requirement in section 139 of Regulation 1015 made pursuant to the Act that the Applicant deliver its audited annual financial statements to the Commission by no later than 90 days following the end of its 2006 financial year.

Statute Cited

Securities Act, R.S.O. 1990, c. S.5, as am., s. 147.

Regulation Cited

R.R.O. 1990, Regulation 1015, am. to O. Reg. 500/06, s. 139.

IN THE MATTER OF

THE SECURITIES ACT,

R.S.O. 1990, CHAPTER S.5, AS AMENDED

(THE ACT)

AND

IN THE MATTER OF

BARING ASSET MANAGEMENT, INC.

 

ORDER

(Subsection 147 of the Act)

UPON the application (the Application) of Baring Asset Management, Inc. (the Applicant) to the Ontario Securities Commission (the Commission) for an order pursuant to section 147 of the Act for an exemption from the requirement in section 139 of Regulation 1015 made pursuant to the Act (the Regulation) that the Applicant deliver its audited annual financial statements to the Commission by no later than 90 days following the end of its 2006 financial year;

AND UPON considering the application and the recommendation of staff of the Commission;

AND UPON the Applicant having represented that:

1. The Applicant is registered with the Commission as a non-Canadian adviser.

2. The Applicant's financial year-end is December 31.

3. The global investment operations of the Barings Group, which included the Applicant, were acquired by Massachusetts Mutual Life Insurance Company (Mass Mutual) on March 31, 2005.

4. As a result of the acquisition of the Barings Group, the preparation of the audited annual financial statements for the Applicant for the period ended December 31, 2006 were delayed in being finalized. The delay resulted from certain changes that had to be made to the acquisition accounting that was initially used to report the transaction with Mass Mutual, which only recently arose, and which had to be incorporated into the Applicant's audited annual financial statements for the period ended December 31, 2006.

5. The Applicant's auditors advised it that it was unlikely that the Applicant's audited annual financial statements for the period ended December 31, 2006 would be ready for filing with the Commission until May 15, 2007.

6. The Applicant filed its audited annual financial statement with the Commission on May 9, 2007.

AND WHEREAS the Commission is satisfied that it would not be prejudicial to the public interest to make the requested Order on the proposed basis,

IT IS ORDERED pursuant to section 147 of the Act that the Applicant is exempt from the requirement in section 139 of the Regulation that the Applicant deliver its audited annual financial statements to the Commission for its financial year ended December 31, 2006 by April 2, 2007, given that the Applicant delivered its annual audited financial statements to the Commission on May 9, 2007.

June 26, 2007

"Kevin J. Kelly"

"James E.A. Turner"