CALGARY, Dec. 7 /CNW/ - The Alberta Securities Commission (ASC) has reciprocated a British Columbia Securities Commission (BCSC) order and banned trading in FEC Finance Energy Corp. securities until such time, if ever, the BCSC order is revoked.
The ASC order is based on an August 6, 2010 BCSC order that prohibits trading in FEC Finance Energy Corp. securities trading until the company re-files exempt distribution reports dated August 14, 2009 and January 18, 2010 in the required form and the BCSC Executive Director revokes the Order. The BCSC found that the exempt distribution reports were not prepared in the required form and that FEC Finance Energy misused the accredited investor exemption. The ASC panel made its decision after ASC staff presented evidence that FEC Finance Energy misused the accredited investor exemption when distributing securities to Alberta investors.
A copy of this decision 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.
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