CALGARY, July 4, 2016 /CNW/ - The Supreme Court of Canada has denied Scott Gerard Beaudette leave to appeal an Alberta Court of Appeal decision that upheld the constitutional validity of Securities Act (Alberta) provisions that allow the Alberta Securities Commission (ASC) to compel information during a regulatory investigation and provide it to foreign agencies.
Beaudette had claimed that the requirement to provide information concerning his securities activities in North America, coupled with the possibility that the ASC might share that information with other state authorities, would infringe on his right to liberty as guaranteed under section 7 of the Canadian Charter of Rights and Freedoms. Beaudette also argued that the extraction of information and documents is an unreasonable search and seizure under section 8 of the Charter.
In 2012, the ASC served Beaudette with a summons requiring him to produce documents and to attend an examination as part of an ASC investigation. Beaudette refused to attend his examination, claiming the ASC would not provide written assurances that his evidence would not be shared with U.S. regulatory or law enforcement agencies without prior notice to him. In response to an ASC application in Court for his contempt, Beaudette then filed an application challenging the constitutionality of the ASC powers to compel evidence and share it with other agencies.
"The ability to compel information and cooperate with other regulators and law enforcement agencies nationally and internationally is critical to effective investigations in securities enforcement," says Cynthia Campbell, ASC Director, Enforcement. "The Supreme Court of Canada's decision to deny leave in this case confirms our ability to use these statutory powers in an effort to protect investors and the Alberta capital market."
The ASC is the regulatory agency responsible for administering the province's securities laws. It is entrusted with fostering a fair and efficient capital market in Alberta and with protecting investors. As a member of the Canadian Securities Administrators, the ASC works to improve, coordinate and harmonize the regulation of Canada's capital markets.
SOURCE Alberta Securities Commission
For further information: For Media Inquiries: Mark Dickey, Senior Communications Advisor, 403.297.4481; For Investor Inquiries: ASC Public Inquiries, Toll Free 1.877.355.4488