Four of Canada's biggest mutual fund companies - Investors Group, CI Fund Management, AIC and AGF Funds - received notice that the Ontario Securities Commission is considering enforcement proceedings against the firms for instances of frequent trading activity that occurred between 1999 and 2003. In separate announcements, all four firms said they will respond to the notification in hopes of working through outstanding issues, but only AGF said it will contend that "no further steps are warranted."
OSC officials said they believe there has been no ongoing market-timing activity in the industry since it began its investigation last November.
