Canada's CIBC to pay C$21.7 mln in ABCP settlement

TORONTO Dec 21 (Reuters) - Canadian Imperial Bank of Commerce CY.TO and its capital markets arm agreed to pay C$21.7 million ($20.5 million) in a settlement with regulators related to sales of asset-backed commercial paper that was frozen as a side effect of the U.S. subprime credit crisis.

During a hearing conducted by the Ontario Securities Commission on Monday, HSBC Bank Canada agreed to pay C$5.9 million, the OSC said.

Separately, the Investment Industry Regulatory Organization of Canada (IIROC), the national self-regulatory organization, is reviewing similar settlements with Credential Securities Inc, Scotia Capital Inc (BNS.TO) and Canaccord Financial Ltd (CF.TO).

($1=$1.06 Canadian)

(Reporting by Pav Jordan and Jennifer Kwan)