IN THE MATTER OF THE SECURITIES ACT, R.S.O. 1990, c. S.5, AS AMENDED AND IN THE MATTER OF CHILDREN'S EDUCATION FUNDS INC.
WHEREAS on March 31, 2014, the Ontario Securities Commission (the Commission) issued a Notice of Hearing pursuant to section 127 of the Securities Act, R.S.O. 1990, c. S.5, as amended (the Act) in relation to the Statement of Allegations filed by Staff of the Commission (Staff) on March 31, 2014 with respect to Children's Education Funds Inc. (CEFI);
AND WHEREAS CEFI entered into a Settlement Agreement dated March 31, 2014 (the Settlement Agreement) in relation to certain of the matters set out in the Statement of Allegations;
AND WHEREAS the Settlement Agreement, as amended, was approved by Order of the Commission dated April 14, 2014 (the Order);
AND WHEREAS the Order required that an independent consultant retained by CEFI (the Consultant) deliver a report (the Report) to a manager of the Compliance and Registrant Regulation Branch of the Commission (the OSC Manager) regarding CEFI's revised policies and procedures and internal controls by June 3, 2015;
AND WHEREAS the Consultant, the OSC Manager and CEFI have agreed upon and implemented a work plan in respect of the Report and the Consultant is in the process of preparing the Report;
AND WHEREAS CEFI has requested a 30 day extension of time beyond the June 3, 2015 deadline for the delivery of the Report;
AND WHEREAS Staff of the Commission consents to the requested extension of time;
AND UPON reviewing the Notice of Motion, the Affidavit of Allison Haid Caughey sworn June 1, 2015 and the consent of Staff of the Commission;
AND WHEREAS the Commission is of the opinion that it is in the public interest to make this Order;
IT IS HEREBY ORDERED that the time for the delivery of the Report set out in the Order dated April 7, 2014 be extended to July 3, 2015.
DATED at Toronto this 2nd day of June, 2015.