VANCOUVER, Dec. 6, 2013 /CNW/ -The Supreme Court of Canada (SCC) has
dismissed Patricia McLean's appeal of a 2010 British Columbia
Securities Commission (BCSC) order. The order in question made the
sanctions approved by the Ontario Securities Commission (OSC) as part
of a 2008 settlement agreement with McLean effective in British
In her settlement agreement with the OSC, McLean acknowledged that she
engaged in conduct contrary to the public interest as a registrant with
Rampart Securities Inc., and agreed with the OSC to be subject to
sanctions. For her misconduct, McLean was prohibited from trading in
securities for five years, and was banned from acting as an officer or
director of a reporting issuer or a registrant in Ontario for 10 years.
In May 2010, the BCSC issued an order mirroring the sanctions McLean
agreed to with the OSC. McLean appealed this order to the Court of
Appeal, arguing that the six-year limitation period had elapsed before
the BCSC issued its order.
In its decision dismissing McLean's appeal, the SCC recognized that
modern securities markets transcend provincial borders, and that
inter-jurisdictional cooperation among regulators is indispensable. The
commission's interpretation of the limitation period "strikes a
reasonable balance between facilitation of interprovincial cooperation
and the underlying purposes of limitation periods."
"We are pleased with the Supreme Court's decision," said Brenda Leong,
Chair of the BCSC. "With current technology, individuals do not have to
be present in British Columbia to engage in activities that may be
harmful to B.C. investors or our markets, so this decision strengthens
interprovincial enforcement and our ability to protect investors in
You may view the reasons for decision on our website www.bcsc.bc.ca by typing Patricia McLean or 2012 BCSECCOM 50 in the search box.
Information regarding disciplinary proceedings can be found in the Enforcement section of the BCSC website.
Please visit the Canadian Securities Administrators' Disciplined Persons List for information relating to persons disciplined by provincial
securities regulators, the Investment Industry Regulatory Organization
of Canada (IIROC) and the Mutual Fund Dealers Association (MFDA).
About the British Columbia Securities Commission (www.bcsc.bc.ca)
The British Columbia Securities Commission is the independent provincial
government agency responsible for regulating capital markets in British
Columbia through the administration of the Securities Act. Our mission is to protect and promote the public interest by
A securities market that is fair and warrants public confidence
A dynamic and competitive securities industry that provides investment
opportunities and access to capital
SOURCE: British Columbia Securities Commission
For further information:
Richard Gilhooley, Media Relations
604-899-6854 or 1-800-373-6393 (toll free)
Learn how to protect yourself and become a more informed investor at www.investright.org