Canaccord Genuity is facing an investigation into its wholesale activities
TORONTO – Canaccord Genuity Group Inc. says it faces a regulatory investigation that could result in it having to pay a “significant fine”.
In a securities filing, the company says the case stems from an assessment of its wholesale market-making business. Further details were not disclosed.
Canaccord said it expects the issue to be resolved and will have no material impact, but cautioned that the final resolution of the matter is not yet known.
In a separate filing, the company says chairman David Kassie plans to step down as executive management after the company’s annual meeting on Aug. 4 and retire as chairman after the company’s annual meeting next year.
The company announced on June 14 that a proposed management buyout of the company would not proceed after key terms of the offer, including required regulatory approvals, had not been received by the time the offer expired.
The company warned in May that a regulatory issue with one of its foreign subsidiaries could delay the deal and that approval for the acquisition was unlikely to be obtained in time.
This report from The Canadian Press was first published on June 30, 2023.
Companies in this story: (TSX:CF)
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