New Alberta law to give SROs greater powers

The Alberta Securities Commission (ASC) on Monday published a new policy on providing credit for co-operation in enforcement cases, with the goal of encouraging self-reporting of possible securities law violations

The new policy grants “credit for co-operation” in enforcement cases that goes “above and beyond” what is required by the province’s securities laws, according to the ASC’s announcement.

It sets out the factors that ASC staff will consider in determining how much credit firms and individuals may receive from the regulator when they report potential violations and cooperate with regulators.

“Our goal with this policy is to encourage individuals and entities to self-report securities misconduct to the ASC and provide full and timely co-operation in investigations and proceedings,” says Cynthia Campbell, director of enforcement, ASC, in a statement.

The new policy provides the industry with clarity about the circumstances that may prompt ASC staff to grant credit for “exemplary cooperation,” the commission notes.

“The benefit to market participants is that they can address certain types of securities violations with efficiency and greater certainty,” adds Campbell. “Additionally, taking this approach will improve enforcement effectiveness, which leads to better protection of investors and our capital market.”

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