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May 04, 2018
No-contest Settlement Agreements will be used in specific and limited circumstances
CALGARY - May 4, 2018 - The Alberta Securities Commission (ASC) today announced it has added the opportunity to enter into no-contest settlement agreements in certain and limited circumstances to the Credit for Exemplary Cooperation in Enforcement Matters Policy (ASC Policy 15-601).
A new tool in the expanding ASC Enforcement toolbox, this provision provides clarity and detail on the circumstances in which ASC staff will consider a no-contest settlement agreement. No-contest settlement agreements may be considered when respondents have self-reported, are fully cooperating with the ASC and are taking financial responsibility for their actions. A no-contest settlement agreement will not be considered if the ASC has reason to believe that a respondent has engaged in abusive or fraudulent misconduct, or if it is in the public interest to proceed with a quasi-criminal or criminal investigation.
“Our goal with this new enforcement tool is to offer, when possible, a new way to provide restitution and disgorgement to victims or those who have been harmed by securities misconduct,” said Stan Magidson, Chair and Chief Executive Officer. “This provision also provides market participants with an opportunity to address their misconduct with efficiency and certainty.”
A backgrounder, which provides further detail on this new policy provision is available here. An updated copy of the ASC Credit for Exemplary Cooperation in Enforcement Matters Policy can be found on the ASC website at albertasecurities.com.
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.
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