(March 31 – 18:05 ET) – The Alberta Securities Commission has issued its reasons for with respect to an “application for registration as a securities dealer” by Swift Trade Securities Inc.
The ASC’s executive director, David Linder, has refused to grant registration to Swift Trade as a securities dealer at this time. Linder found that the application was premature in that Swift Trade had failed to comply with the requirements of the Securities Act.
Linder stated in his decision, “I accept that day-trading has arrived… and have no doubt that there are a number of Albertans who wish to be involved.’ The ASC will work with Swift Trade to reach a solution which is acceptable for Swift Trade, the ASC and Albertans,.”
The issues that need to be addressed include:
>an exemption from the suitability of trades requirements
>registration of Southwest Securities in Alberta
>employees who meet the qualifications set out in the Securities Act or
>alternately receive an exemption from the requirement
>technical matters relating to Alberta corporate registration, financial
>filing and bonding requirements
Linder wrote that “in addition to protecting investors, our mandate is to provide an environment in which a fair and efficient capital market may flourish. If we fail in our duty to establish the latter, there will be no investors to protect.”
Copies of the Decision can be found on the ASC web site
-IE Staff