ASC seeks to reciprocate bans against MI Capital Corporation and One Capital Corp. Limited
CALGARY, June 20, 2012 /CNW/ - Alberta Securities Commission (ASC) staff are seeking to reciprocate orders imposed by the New Brunswick Securities Commission (NBSC) against MI Capital Corporation of Hong Kong and One Capital Corp. Limited of Singapore.
In a June 11, 2012 decision, a NBSC panel ordered that MI Capital Corporation and One Capital Corp. Limited permanently cease trading in all securities, that all trading in securities offered by MI Capital Corporation and One Capital Corp. Limited cease permanently and that MI Capital Corporation and One Capital Corp. Limited be permanently banned from using any exemptions under New Brunswick securities law.
In a May 29, 2012 Statement of Allegations, NBSC staff alleged that MI Capital Corporation and One Capital Corp. Limited solicited New Brunswick residents to invest in gold options when not registered to trade in securities. NBSC staff also alleged that in one case, a salesperson for MI Capital Corporation claimed the investment would provide returns of 30 to 70 per cent in a maximum time period of 90 days.
ASC staff seek reciprocation of the NBSC orders to protect Alberta investors and the Alberta capital market.
It is anticipated that the ASC panel will consider this application in July 2012.
The ASC is the regulatory agency responsible for administering the province's securities laws. It is entrusted to foster a fair and efficient capital market in Alberta and to protect 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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