CALGARY, Dec. 24, 2015 /CNW/ - The Alberta Securities Commission (ASC) has concluded a Settlement Agreement with Michael Chan who admitted to breaching Alberta securities laws by accessing material, non-public information from his employer and then sharing some of that information on an internet bulletin board.
With limited exceptions, when a person is in a "special relationship" with a company (such as being an employee) it is contrary to Alberta securities laws to inform another person of a material fact or material change with respect to that company, before that information has been disclosed publicly.
Under the Settlement Agreement, Chan agreed to a three-year ban on trading in or purchasing securities or derivatives (with limited exemptions) and paid the ASC $8,000. Mr. Chan did not purchase or trade securities with the information he obtained and cooperated with ASC staff in their investigation.
The ASC is the regulatory agency responsible for administering the province's securities laws. It is entrusted with fostering a fair and efficient capital market in Alberta and with protecting 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 Media Inquiries: Mark Dickey, Senior Communications Advisor, 403.297.4481; For Investor Inquiries: ASC Public Inquiries, Toll Free 1.877.355.4488