Telus 2014 Annual Report Download - page 39

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39
restate certain of their previously reported financial results and the resulting
delays in filing their financial statements in compliance with Ontario securities
laws. The Autorité des marchés financiers (AMF) and the Alberta Securities
Commission (ASC) issued similar orders. The order was revoked by the OSC on
June 21, 2005 and the AMF and ASC orders were revoked shortly thereafter. Mr.
Manley was not subject to the AMF or ASC orders. On March 10, 2006, the
Nortel Companies announced the need to restate certain of their previously
reported financial results and a resulting delay in the filing of certain 2005
financial statements by the required dates under Ontario securities laws. The
OSC issued a further management cease trade order on April 10, 2006
prohibiting all directors, officers and certain current and former employees,
including Mr. Manley, from trading in securities of the Nortel Companies until the
filings were complete. The British Columbia Securities Commission (BCSC) and
the AMF issued similar orders. The OSC lifted its cease trade order June 8, 2006
and the BCSC and AMF orders were revoked shortly thereafter. Mr. Manley was
not subject to the BCSC or AMF orders.
LEGAL PROCEEDINGS AND REGULATORY ACTIONS
The description of legal proceedings found in MD&A Section 10.9 Litigation and legal
matters and note 23(c) to the Company’s consolidated financial statements for the year
ended December 31, 2014 are hereby incorporated by reference.
From time to time, in the ordinary course of business, the Company and its subsidiaries
are assessed fees or fines by securities regulatory authorities in relation to
administrative matters, including late filing fees or reporting, which may be considered
penalties or sanctions pursuant to Canadian securities regulations but which are not,
individually or in the aggregate, material to the Company. In addition, the Company and
its subsidiaries are subject to numerous regulatory authorities around the world, and
fees, administrative penalties, settlement agreements and sanctions may be categorized
differently by each regulator. However, during the most recently completed financial
year, the Company is not aware of any material (a) penalties or sanctions imposed
against us by a court relating to securities legislation or by a securities regulatory
authority; (b) penalties or sanctions imposed by a court or regulatory body against us
that would likely be considered important to a reasonable investor in making an
investment decision; or (c) settlement agreements entered into by us before a court
relating to securities legislation or with a securities regulatory authority.