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OSC Issues Temporary Order Suspending Registration Of Olympus & Reinstates Registration Of Norshield

Date: Monday, May 16, 2005
Author: CNW Group

TORONTO, May 16 /CNW/ - The Ontario Securities Commission (OSC) issued
Temporary Orders on May 13, 2005, suspending the registration of Norshield
Asset Management (Canada) Ltd. (Norshield) and Olympus United Group Inc.
    Norshield is the manager and adviser of a variety of hedge funds and
alternative investment products offered across Canada by Olympus. These
products are sold as shares in the Olympus United Funds Corporation (Olympus
Funds). At present, Olympus Funds has approximately 2,000 shareholders, the
majority of whom are resident in Ontario.
    On May 2, 2005, Olympus Funds announced the deferral of redemptions in a
number of its funds. In addition, on May 2, 2005, the registered trading and
compliance officer at Olympus resigned. On May 6, 2005, the registered
advising and compliance officer at Norshield resigned.
    Operation without a compliance officer is contrary to subsection 1.3 of
OSC Rule 31-505. Accordingly, the OSC made Temporary Orders in the public
interest suspending the registration of Norshield and Olympus because they did
not meet the registration requirements necessary to trade and advise on behalf
of their clients in Ontario.
    Today, Norshield was granted registration for an adviser by the OSC. The
individual is currently registered with Norshield in Quebec. The adviser has
been designated by Norshield as compliance officer with respect to operations
in Ontario.
    Norshield is now in compliance with the registration requirements of the
Act and the OSC issued an Order today revoking the suspension of Norshield's
registration. Nonetheless, the OSC, the Autorité des Marchés Financiers, and
the Mutual Fund Dealers Association, commenced a coordinated review of the
operations of Norshield and Olympus in Quebec and Ontario today.
    The suspension Order with respect to Olympus remains in effect. The
hearing to consider the extension of that Order is scheduled to take place on
Friday, May 27 at 10:00 a.m. at the Offices of the Ontario Securities
Commission, 20 Queen Street West, 17th Floor, Hearing Room, Toronto, Ontario.
    The Orders and Notices of Hearing are available on the OSC website

For further information: For Media Inquiries: Wendy Dey, Director, 
Communications & Public Affairs, (416) 593-8120; For Investor Inquiries: 
OSC Contact Centre, (416) 593-8314, 1-877-785-1555 (Toll Free)