British Columbia Securities Commission dismisses application brought by Golden Capital Securities

    VANCOUVER, Feb. 7 /CNW/ - On January 9, 2008, the British Columbia
Securities Commission orally dismissed an application brought by Golden
Capital Securities (Golden), an IDA Member firm, to stay an Order of the
Pacific District Council dated December 20, 2007, which, in part, required
Golden to identify documents for IDA staff that were contained in its hard
drives and over which it was claiming solicitor and client privilege by no
later than January 11, 2008. Golden also sought a stay of a decision of the
Pacific District Council, dated November 26, 2007, where it was found that
Golden had violated By-law 19.6 and/or 29.1 by failing to cooperate in an
investigation. For more information on this Pacific District Council decision
see IDA news release dated January 9, 2008.
    A penalty hearing was scheduled for December 20, 2007, at which the
Hearing Panel made an order setting out a detailed procedure for access. The
procedure includes requiring Golden to identify any documents over which it
claims solicitor/client privilege and a mechanism for staff to challenge such
claims of privilege. The balance of the penalty hearing was adjourned to March
12, 2008, with written submissions to be exchanged by the parties in advance
of the hearing.

    The Investment Dealers Association of Canada (IDA) is the national
self-regulatory organization of the securities industry. The IDA's mission is
to protect investors, foster market integrity and enhance the efficiency and
competitiveness of the Canadian capital markets. The IDA enforces rules and
regulations regarding the sales, business and financial practices of its
Member firms and their approved persons. Investigating complaints and
disciplining Members and approved persons is part of the IDA's regulatory
role. It is IDA policy to ensure that where relevant, referrals to the
appropriate policing authority are made.

For further information:

For further information: Warren Funt, Vice-President, Western Canada,
(604) 331-4750 or; Jeff Kehoe, Director, Enforcement Litigation,
(416) 943-6996 or

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