Alberta Securities Commission Releases List of Unpaid Orders
CALGARY – The Alberta Securities Commission (ASC) has published a list of individuals and companies with unpaid administrative penalties, disgorgement orders and/or costs that were imposed as a result of enforcement proceedings in Alberta.
“Holding respondents accountable for their misconduct is important for investor protection and for protecting the integrity of the Alberta capital market” said Bill Rice, Chair and CEO of the Alberta Securities Commission. “Enforcing Commission orders, including collecting outstanding amounts owed, is key to effective deterrence.”
When an individual or company is found to have breached Alberta securities laws, the ASC may issue orders against or enter into settlement agreements with that individual or company. Respondents are legally required to pay any administrative penalties, disgorgement orders, settlement monies and/or costs arising from such orders or settlement agreements. Many orders also ban respondents from certain types of activity, such as acting as a director or officer of a public company.
The ASC pursues all avenues of collection available, including questionings, seizure of assets, and garnishment of wages, both inside and outside the province of Alberta.
The ASC is the regulatory agency responsible for administering the province’s securities laws. It is entrusted with fostering a fair and efficient capital market in Alberta and with protecting investors. As a member of the Canadian Securities Administrators, the ASC works to improve, coordinate and harmonize the regulation of Canada’s capital markets.