CALGARY, Jan. 20, 2012 /CNW/ - The Alberta Securities Commission (ASC) has suspended the registration of Foundation Securities Corporation, an Exempt Market Dealer, effective immediately. Foundation Securities consented to the suspension following the resignation of its Chief Compliance Officer (CCO) and Ultimate Designated Person (UDP), and a resulting spot compliance review conducted by ASC staff.
Under National Instrument 31-103 Registration Requirements, Exemptions and Ongoing Registrant Obligations, dealers are obligated to have in place a CCO (whose role is to ensure that firms operate in accordance with securities laws) and a UDP (who is ultimately responsible for a firm's actions). A departure of both these individuals results in a fundamental gap in a dealer's compliance structure. Foundation Securities representatives, by consenting to a suspension, have not admitted to any wrongdoing.
ASC staff will be conducting a thorough review of the firm's operations and Foundation Securities will not be permitted to restore its registration status unless and until the ASC is satisfied that all regulatory requirements are met. In the meantime, neither Foundation Securities nor any of its individual sales representatives may carry on the activities of a registered dealer of securities.
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.
For further information:
|For Media Inquiries:||Mark Dickey|
|Senior Communications Advisor|
|For Investor Inquiries:||ASC Public Inquiries|
|Toll Free 1.877.355.4488|