(January 25 – 18:00 ET) – The B.C. Securities Commission won its case before the Supreme Court of Canada today, upholding its right to investigate on behalf of a foreign regulator.
The case revolved around a BCSC investigation conducted at Global Securites on behalf of the U.S. Securities and Exchange Commission. Global refused to deliver records to the BCSC.
The B.C. Court of Appeal supported the view that the BCSC exceeded its jurisdiction by conducting an investigation on behalf of a foreign regulator. The Supreme Court of Canada disagreed.
Doug Hyndman, chair of the BCSC, says, “This is an important decision that confirms the jurisdiction of the provincial securities regulators and their ability to co-operate with each
other and with other regulators. With our global markets, that co-operation is essential to effective regulation.”
Sasha Angus, the BCSC’s director of enforcement, says, “This decision upholds our power to investigate and protect our capital markets from those who would use them as a haven for illegal activities.” Angus, who appeared at the Supreme Court on behalf of the commission, also called the decision a victory for investors.
-IE Staff