CALGARY, Nov. 19, 2019 /CNW/ - The Alberta Securities Commission (ASC) has concluded a Settlement Agreement and Undertaking with Sherry Jean Dalla-Longa of Medicine Hat, a former registered representative, for acting as an adviser without being registered in accordance with Alberta securities laws.
In the settlement agreement, Dalla-Longa admitted providing investment advice to and purchasing and selling securities for at least 10 clients after her registration was terminated on December 31, 2016. After her termination, Dalla-Longa continued to hold herself out as a financial adviser capable of providing specific and customized advice about investing in, buying and selling securities. She also admitted that she did not tell her clients that her registration had been terminated and that she was therefore unable to continue acting as their adviser.
The settlement agreement notes that registration protects investors and enhances capital market integrity and efficiency by providing ongoing oversight and compliance obligations. A breach of the registration requirement exposes the investing public to unanticipated risks and potential financial harm, which may jeopardize confidence in the capital market.
As part of the settlement agreement, Dalla-Longa paid the ASC $25,000 and agreed that for a period of 10 years she will refrain from:
- Trading in or purchasing securities or derivatives, with limited exceptions;
- Relying on exemptions in Alberta securities laws;
- Acting as a director and officer of an issuer or acting in a management or consultative capacity in connection with activities in the securities market; and
- Advising in securities or derivatives, or acting as a registrant, investment fund manager or promoter.
To find out if someone is registered to provide investment advice or sell securities, visit Checkfirst.ca.
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: Curt Boechler, Senior Communications Advisor, 403.835.1263; For Investor Inquiries: ASC Public Inquiries, Toll Free 1.877.355.4488