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U.S. Securities and Exchange Commission

Before the

Securities Exchange Act of 1934
Release No. 34-61142 / December 10, 2009

Administrative Proceeding File No. 3-11987

In the Matter of

Canadian Imperial Holdings, Inc. and CIBC World Markets Corp.




Notice is hereby given, pursuant to Rule 1103 of the Securities and Exchange Commission's ("Commission") Rules on Fair Fund and Disgorgement Plans, 17 C.F.R. §201.1103, that the Division of Enforcement has filed with the Commission the proposed plan for the distribution of the Fair Fund in this matter ("Distribution Plan"). On July 20, 2005, the Commission issued an Order Instituting Administrative and Cease-and-Desist Proceedings, Making Findings, and Imposing Remedial Sanctions and a Cease-and-Desist Order ("Order") against Canadian Imperial Holdings, Inc. and CIBC World Markets Corp. (together, "Respondents") in this matter. In the Matter of Canadian Imperial Holdings, Inc. and CIBC World Markets Corp. Administrative Proceeding File No. 3-11987, Securities Act Release No. 8592 (July 20, 2005). In the Order, the Commission authorized the establishment of a Fair Fund, comprised of $125,000,000 in disgorgement, prejudgment interest and penalties paid by Respondents, for distribution to mutual funds affected by certain market timing activity. The Order provided that the Fair Fund was to be distributed pursuant to a distribution plan developed by an Independent Distribution Consultant.


Pursuant to this Notice, all interested parties are advised that they may obtain a copy of the Distribution Plan from the Commission's public website, http://www.sec.gov/litigation/fairfundlist.htm#cibc, or by submitting a written request to William Finkel, Senior Counsel, United States Securities and Exchange Commission, 3 World Financial Center, New York, NY 10281. Further, all persons desiring to comment on the Distribution Plan may submit their comments, in writing, no later than 30 days from the date of this Notice:

  1. to the Office of the Secretary, United States Securities and Exchange Commission, 100 F Street, NE, Washington, DC 20549-1090;

  2. by using the Commission's Internet comment form, http://www.sec.gov/litigation/admin.shtml; or

  3. by sending an e-mail to rule-comments@sec.gov.

Comments submitted by email or via the Commission's website should include "Administrative File Number 3-11987" in the subject line. Comments received will be available to the public. Persons should only submit information that they wish to make publicly available.


The Fair Fund is comprised of disgorgement and prejudgment interest of $100,000,000 and civil penalty of $25,000,000.00 paid by Respondents, plus accumulated interest and amounts that may be deposited into the Fair Fund from respondents in related administrative proceedings, less any federal, state, or local taxes on the interest. The Distribution Plan provides for distribution of the Fair Fund to mutual funds affected by the market timing between 1999 and January 2003 as described in the Order. If the Distribution Plan is approved, the affected mutual funds will receive proportionate shares of the Fair Fund as calculated by the Independent Distribution Consultant. The shares will be calculated from information provided by Respondents. Affected mutual funds will not need to go through a claims process.

Elizabeth M. Murphy

See also Proposed Distribution Plan


Modified: 12/10/2009