Thank you for your complaint to the Ontario Securities Commission (OSC) concerning Concordia International Corp. (Concordia).
The OSC regulates Ontario’s capital markets. We make rules and enforce Ontario’s securities laws to provide protection to Ontario investors and to foster fair and efficient capital markets. We review complaints about possible violations of securities law, such as improper disclosure by reporting issuers (public companies).
Concordia is a reporting issuer and the OSC is the principal securities regulator. In your email dated September 25, 2016, you appear to be discribing a potential regulatory concern involving market manipulation.
I can assure you that your concerns are taken very seriously. The information you provided has been forwarded to OSC Enforcement staff to determine if an investigation is required. Their review will focus on identifying any potential violation of Ontario securities law. Staff assess information obtained from a number of sources, including input such as yours, and work closely on these kinds of concerns with the Investment Industry Regulatory Organization of Canada (IIROC).
During trading hours, IIROC surveillance officers monitor every single equities trade on the Canadian equity markets as it occurs, including the TSX, TSX V, and other markets, to identify violations such as insider trading, manipulative activity, frontrunning, and other breaches.
Further, surveillance experts continuously monitor company news, stock charts, chat room activity and other sources to identify potential trading violations. IIROC’s dedicated surveillance facility utilizes state-of-the-art systems and software that comprise extremely advanced mathematical algorithms that detect even the subtlest price or volume anomalies in any stock's trading pattern. These changes trigger alerts, which direct the surveillance officers to assess the situation. By way of copying IIROC on this response, I have forwarded your concerns for their consideration.
OSC staff do not generally comment on the existence, status, or nature of an investigation. The purposes of this practice are to protect the integrity of investigations, to ensure the complaint process is not used to affect the market, and to promote fairness towards those who are the subject of investigations, but against whom proceedings may never be taken.
Sincerely,
David DoRego
Lead Inquiries Officer
Ontario Securities Commission
inquiries@osc.gov.on.ca
416-593-8314
1-877-785-1555