Tag archives: ASC

Re Rustulka: Registrants’ Suitability Obligations Under Securities Law

By Elana Friedman on July 10, 2020 Posted in Uncategorized

In Re Rustulka, 2020 ABASC 93, a hearing panel of the Alberta Securities Commission (the Commission) determined that a former exempt market dealing representative breached his “know your client” (KYC) and suitability obligations under Alberta securities law by failing to properly identify his clients’ investment needs, objectives, financial circumstances and risk tolerances and by reporting … Continue reading

Alberta Court Finds that Administrative Penalty Survives Bankruptcy

By Steven Leitl and Aaron Stephenson on February 6, 2020 Posted in Other developments, Securities regulatory decisions

In January 2020, Madam Justice B.E. Romaine of the Court of Queen’s Bench of Alberta (Court) ruled that an administrative penalty levied against the Respondent by the Alberta Securities Commission (ASC) survived his discharge from bankruptcy. (See Alberta Securities Commission v Hennig, 2020 ABQB 48) The administrative penalty was levied in 2008 against the Respondent after … Continue reading

Alberta Securities Commission secures restitution for Lutheran Church congregants

By Steven Leitl and Peter Tae-Min Choi on October 3, 2019 Posted in Other developments, Securities regulatory decisions

Two ordained ministers are among the five named individual Respondents who have settled with the Alberta Securities Commission (the Commission) in Re Lutheran Church-Canada, the Alberta-British Columbia District, 2019 ABASC 140. The individual Respondents were all involved in investment funds run by the Lutheran Church-Canada, Alberta-British Columbia District (the District), which became insolvent in 2015. The individual Respondents admitted … Continue reading

Alberta Securities Commission signs Enhanced Memorandum of Understanding to strengthen cross-border enforcement cooperation

By Steven Leitl on July 25, 2019 Posted in Cross border issues, Legislation, rules and policies, Other developments

In July 2019, the Alberta Securities Commission (ASC) joined other signatories, including the Ontario Securities Commission and the United States Securities and Exchange Commission (SEC), by signing the International Organization of Securities Commissions’ (IOSCO) Enhanced Multilateral Memorandum of Understanding Concerning Consultation and Cooperation and the Exchange of Information (EMMoU). This step by the ASC reflects … Continue reading

Alberta Securities Commission Declines to Stay Enforcement Proceedings In Face of Parallel Class Actions

By Steven Leitl on April 10, 2019 Posted in Class actions, Securities regulatory decisions

In February 2019, the Alberta Securities Commission (ASC) declined to stay the hearing of pending ASC enforcement proceedings on the basis of the existence of parallel, pending class action proceedings. Background In June 2018, Staff of the ASC issued a notice of hearing against Alberta divisions of the Lutheran Church-Canada and several of their former … Continue reading

Alberta Securities Commission Introduces Whistleblower Program

By Steven Leitl and Aditya Badami on November 22, 2018 Posted in Legislation, rules and policies, Other developments

On November 19, 2018, the Alberta Securities Commission (ASC) implemented its first whistleblower program (the Program) through the release of ASC Policy 15-602 Whistleblower Program (the Policy) and simultaneous amendments to the Alberta Securities Act (the Act). The Program is effective as of November 19, 2018. Its protections apply retroactively to securities misconduct but only … Continue reading

Re Fauth: A Primer on ss. 75(1)(a), 92(4.1) and 93(b) of Alberta’s Securities Act

By Steven Leitl and Aditya Badami on November 21, 2018 Posted in Other developments, Securities regulatory decisions, White collar crime

The Alberta Securities Commission (ASC) recently released its decision in the matter of Re Fauth, finding the respondent, Vernon Ray Fauth (Fauth), in breach of ss. 75(1)(a), 92(4.1) and 93(b) of Alberta’s Securities Act, RSA 2000, c S-4 (the Act). The decision offers some important insight on issues regarding limitation periods, illegal dealing, misrepresentations, and … Continue reading

Alberta Securities Commission Policy 15-601: Credit for Exemplary Cooperation in Enforcement Matters – New Provision for No-Contest Settlement Agreements

By Steven Leitl on June 15, 2018 Posted in Other developments, Securities regulatory decisions

On October 25, 2017, we wrote about the Alberta Securities Commission’s (ASC) new Policy 15-601 which “explains the use of discretion by ASC staff when considering the appropriate enforcement action and assessing the appropriate sanction for misconduct.” A link to the publication is here. As we predicted in October, the ASC recently issued a press … Continue reading

Alberta Securities Commission Policy 15-601: Credit for Exemplary Cooperation in Enforcement Matters

By Steven Leitl on October 25, 2017 Posted in Legislation, rules and policies

In October 2017, the Alberta Securities Commission (ASC) released ASC Policy 15-601: Credit for Exemplary Cooperation in Enforcement Matters. According to the ASC, Policy 15-601: … provides clarity and transparency regarding the circumstances under which ASC staff will consider exercising their discretion to grant credit to those individuals or entities that provide exemplary cooperation to … Continue reading