VANCOUVER, Jan. 20 /CNW/ - The British Columbia Securities Commission
today issued cease trade orders against 53 B.C.-connected companies that trade
on U.S. over-the-counter markets for failing to file financial statements.
On Sept. 15, 2008, the BCSC implemented BCI 51-509 Issuers Quoted in the
U.S. Over-the-Counter Markets. This rule designates "B.C.-connected" OTC
Bulletin Board and Pink Sheets companies trading in the U.S., as reporting
issuers in British Columbia. Companies that are reporting issuers in B.C. must
file financial statements with the commission.
"We are taking an assertive approach to encourage companies to comply
with our rules and regulations," said Martin Eady, BCSC director, corporate
finance. "We cease traded these companies because they appear to have a
significant connection to B.C. We are also reviewing others to determine
whether or not we should take regulatory action against them as well."
The companies named in the BCSC cease trade orders have not complied with
the requirement to file their Sept.30, 2008 interim financial statements by
Dec.1, 2008. These financial statements remain outstanding as of Jan. 19,
Following the adoption of the rule, BCSC staff attempted to contact all
issuers that appeared to be subject to the rule to advise them of the new
requirements. Many have complied.
The Canadian Securities Administrators publishes a national cease trade
order database that is accessible through the enforcement section of the BCSC
website, www.bcsc.bc.ca. The companies that the BCSC cease traded today appear
on the database. Investors and financial advisers are encouraged to check the
database on a regular basis for cease-traded companies.
The B.C. Securities Commission is the independent provincial government
agency responsible for regulating trading in securities within the province.
If you have questions, contact Ken Gracey, media relations, 604-899-6577.
Learn how to avoid investment fraud at the BCSC's investor education
For further information:
For further information: Ken Gracey, (604) 899-6577 or (Canada)