Canadian investment bank Canaccord Genuity Group Inc. said it faces an investigation related to its wholesale market-making activities and may have to pay a “significant penalty” to settle it.

The firm made the disclosure in a regulatory filing with Canadian authorities late Wednesday. It didn’t specify which jurisdiction is conducting the probe. Previously, it had said it faced a regulatory matter in one of its foreign divisions, without giving details.

Canaccord’s capital markets division operates in the US, Canada, the UK and Australia.

Canaccord “expects that the resolution of the enforcement matter will not have a material impact on its financial condition or results of operations,” the company said, but it “may incur a significant penalty and additional costs.”

A spokesperson for Canaccord didn’t return messages left after office hours.

A group of executives led by Chief Executive Officer Dan Daviau and Chairman David Kassie tried to take the company private this year in a deal that valued it at about C$1.1 billion ($830 million). But the bid expired on June 13 when they determined they couldn’t get timely approval from regulators.

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