CALGARY, Oct. 27, 2014 /CNW/ - The Alberta Securities Commission has applied to the Supreme Court of Canada for leave to appeal a recent decision of the Alberta Court of Appeal, Walton v. Alberta (Securities Commission). The ASC is seeking the Supreme Court's guidance on the standard of proof and evidence required to prove illegal insider trading allegations and on the resulting determination of sanctions.
In an earlier ruling on February 11, 2013, the Commission relied on a combination of direct and circumstantial evidence to conclude that certain individuals illegally traded or "tipped" others. On August 29, 2014, the Court of Appeal allowed the appeals of three individuals, and the sanctions against them were set aside. The Court of Appeal upheld certain findings with respect to two other individuals, but directed the ASC to reconsider its sanctions against them.
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
Renseignements: For Media Inquiries: Mark Dickey, Senior Communications Advisor, 403.297.4481; For Investor Inquiries: ASC Public Inquiries, Toll Free 1.877.355.4488