Page 22 - 2013_2014 NASAA report

NASAA Member Activity | Canada
NASAA Activity Report 13-14.indd
20
Nova Scotia Securities Commission
Te Commission approved a settlement agreement that found that providing escrow
services and intermediating trades between companies and investors requires registration.
Te respondents admitted to funneling more than $1.7 million through their bank
accounts, more than $350,000 of which related directly to stock purchases. Te
respondents agreed to 15-year bans on the use of exemptions and on their ability to
register with the Commission. Te respondents also agreed to pay an administrative
penalty of $60,000 and costs of $5,000. In 2013, the Commission also partnered with a
local Girl Guides troop to deliver investor education to youth ages 912. Te presentation
helped 28 girls receive their fnancial literacy badge.
Nunavut Office of Superintendent of Securities
Te Ofce is within the Department of Justice, which promotes and protects a peaceful
society through the administration of a justice system which respects the role of
community members in maintaining harmony, and which adheres to the principles and
values of Inuit Qaujimajatuqangit.
Ontario Securities Commission
Te Commissions increasing engagement with stakeholders has improved its
understanding of their needs and afects how it undertakes outreach, education,
regulatory policy, compliance oversight and enforcement work. Tis includes OSC in
the Community, an outreach program launched in 2013 to talk directly to investors
from Ontario about how they can be more informed about their investments and
advisors, and how to recognize frauds and scams. A multi-faceted initiative, OSC meets
with area businesses, government, law enforcement, post-secondary institutions and
other community organizations impacted by the provinces securities regulation. Te
Commission visited more than 10 Ontario cities. Investors have shared their feedback
from OSC in the Community and attendees indicate they re getting useful information.
Tese meetings also have helped establish relationships with local business communities
and show the Commission is an accountable and transparent organization.
Prince Edward Island Department of Environment, Labour & Justice
As part of a settlement approved by the Prince Edward Island Superintendent of
Securities, a firm agreed to ofer a return of investment to investors, was prohibited
from exempt market capital-raising activities in Prince Edward Island for fve years, and
was ordered to prepare and deliver audited fnancial statements for the past three years.
Te frm was involved in distributing securities to Prince Edward Island residents in a
manner that did not comply with Prince Edward Island securities law. In Canada, the
exempt market involves the sale of private investments that do not require that investors
be provided with a prospectus. In a two-year period, the frm raised about $700,000 from
36 Prince Edward Island investors without properly relying on the accredited investor
exemption to the prospectus requirement under Canadian securities laws.
22 4/30/2014 2:30:54 PM