it's actually a few questions that needs to be answered based on the
recent event on(september to date) the OSC (canada) investigation on 5
big mutual fund companies.
1. what are the "ethical principles" behind market timing in mutual fund?
2. who are the gainers? losers? is it privately profitable to do so?
3. what are the normative(based on ethical and efficiency
consideration) and positive reasons (why the action was not made
earlier since everyone knows they are doing such things)behins OSC's
intervention?

thanks a lot for your help. (Need the answer in 6 hours)