The Financial Supervisory Commission (FSC) yesterday revoked Ontario Securities Investment Trust Co’s (OSITC, 安多利投信) business license after the fund house failed to remedy various malpractices in violation of securities rules.
The fund house must find buyers by tomorrow to take over its two funds, or the regulator will ask the Securities Investment Trust and Consulting Association (證券投信投顧公會) to help coordinate the transfer to protect the rights of OSITC customers, the commission said.
“The commission decided to revoke OSITC’s business license because the fund house has proven incapable of responsible governance and operations,” the FSC said in a statement on its Web site.
The commission arrived at the conclusion after conducting an audit in November last year.
OSITC failed to address fund embezzlement and other malpractices, the FSC said.
It also failed to install qualified professional shareholders since February 2011, the FSC added.
The regulator ordered the company to fire a finance executive surnamed Tsai and suspended the president for one year and two other officials for six months, the statement said.
OSITC keeps two funds — one currency fund sized at NT$257 million (US$84,942) and one equity fund amounting to NT$210 million, the commission said.
The fund house may liquidate the former or shift it to peers, but find buyers to take over after more investors are involved, the commission said.
OSITC still needs to meet its obligations honestly while carrying out the liquidation or transfer, the FSC said, adding that the transition will not affect the rights of existing OSITC investors.
The commission has since November 2011 stopped OSITC from raising new funds after the company failed to introduce qualified professional shareholders as required by securities and investment consulting law.
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