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Canadian Securities Regulatory Monitor News and Insight

Tag Archives: ASC

Credit for Cooperation: The Alberta Securities Commission Sets Out Parameters for Cooperation

Posted in Compliance and Supervision, Enforcement

The Alberta Securities Commission (the “ASC”) recently released the Credit For Exemplary Cooperation in Enforcement Matters policy (the “ASC Policy”). It joins the provinces of Ontario and British Columbia in encouraging persons and companies to self-report securities related misconduct and breaches of securities laws. The purpose of the ASC Policy is to explain the benefits of cooperating with the securities regulator and the factors the ASC will consider when granting credit for exemplary cooperation. Historically, securities regulators have faced difficulties in detecting securities related misconduct, and as such, regulators have come to see the merits in … Continue Reading

Alberta Court of Appeal Upholds the Sharing of Compelled Information with Foreign Authorities

Posted in Enforcement, Litigation, SEC

In Beaudette v. Alberta (Securities Commission), 2016 ABCA 9, the Alberta Court of Appeal confirmed that the Alberta Securities Commission (the “ASC”) may share information compelled from Alberta residents with authorities abroad such as the Securities and Exchange Commission (the “SEC”) and the US Department of Justice (the “DOJ”).

Background

The governing statutes of the ASC and other securities commissions in Canada grant powers to compel testimony and documents through summonses.[1] These compulsion powers are meant to serve the regulatory function of securities commissions, they are not meant to assist criminal investigations.… Continue Reading