CALGARY, Nov. 10 /CNW/ - The Alberta Securities Commission (ASC) is applying to reciprocate orders imposed by the British Columbia Securities Commission (BCSC) against British Columbia-based Clear Vistas Community 1 Limited Partnership and Clear Vistas Development Corporation. The BCSC orders are dated May 11, 2009 and September 8, 2009 respectively.
The Executive Director of the BCSC ordered that both companies cease trading until such time as updated offering memorandums are filed with the BCSC and the Executive Director of the BCSC revokes the orders. In 2008 and 2009 Clear Vistas Community 1 Limited Partnership and Clear Vistas Development Corporation distributed approximately $10 million of securities to investors, including those residing in Alberta. During this time, the companies did not update their offering memorandums and therefore failed to keep their offering memorandums current.
It is anticipated that the ASC panel will consider this application in January, 2010.
A copy of the Notice of Hearing is available on the ASC website at www.albertasecurities.com.
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.
SOURCE Alberta Securities Commission
For further information: For further information: For Media Inquiries: Tamera Van Brunt, Director, Communications & Investor Education, (403) 297-2664; For Investor Inquiries: ASC Public Inquiries, Toll Free 1-877-355-4488