Firm failed to comply with working-capital requirements
Author of the article:
Bloomberg News
Paula Sambo
Published May 12, 2023 • Last updated May 12, 2023 • 1 minute read
Cathie Wood, chief executive of Ark Investment Management, at a bitcoin conference in 2022. Photo by Bloomberg Ontario’s securities watchdog suspended the registration of Emerge Canada Inc., an investment firm known for selling Toronto-listed versions of Cathie Wood’s popular exchange-traded funds.
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Access articles from across Canada with one account. Share your thoughts and join the conversation in the comments. Enjoy additional articles per month. Get email updates from your favourite authors. The Ontario Securities Commission said the firm failed to comply with its working-capital requirements and ordered it to wind down, or find another company to take over its activities.
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Emerge has been unable to file audited financial statements for the latest fiscal year after its auditor quit. Last month, regulators hit the investment firm with trading bans on 11 of its funds — including six Ark Investment Management-partnered funds.
Recommended from Editorial Cathie Wood’s Canadian ETF partner, Emerge, hit with trading ban Cathie Wood’s flagship Ark fund tops $300 million in fees Emerge’s lawyers argued that suspending the firm and requiring the wind-up of Emerge ETFs “is overly punitive and is unwarranted in the circumstances.” It did not immediately reply to requests for comment.
Bloomberg.com