British Columbia Securities Commission: Investment Dealer Pays $30,000 for Contravening Cease Trade Orders
(firmenpresse) - VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 03/30/12 -- As part of a settlement agreement with the British Columbia Securities Commission, Questrade, Inc. has paid $30,000 to the commission for trading in securities that were subject to cease trade orders on behalf of B.C. clients.
The agreement states that Questrade, a self-directed online discount broker headquartered in Toronto, failed to implement an appropriate compliance system to identify and block trades in the securities of six companies that had been cease-traded by the BCSC between October 2009 and August 2010. The companies involved were Trend Technology Corporation, Americas Energy Company, Intelligent Living Corp., Dynamotive Energy Systems Corporation, Strongbow Resources Inc., and Artepharm Global Corp.
The agreement also notes that Questrade has taken steps to address deficiencies in its compliance systems, including hiring more compliance staff, drafting new compliance policies and cease trade procedures, and creating new oversight committees.
The B.C. Securities Commission is the independent provincial government agency responsible for regulating trading in securities within the province. You may view the settlement agreement on our website by typing Questrade or 2012 BCSECCOM 96 in the search box. Information regarding disciplinary proceedings can be found in the of the BCSC website.
Please visit the Canadian Securities Administrators' for information relating to persons disciplined by provincial securities regulators, the Investment Industry Regulatory Organization of Canada (IIROC) and the Mutual Fund Dealers Association (MFDA).
For media inquiries, contact Richard Gilhooley, media relations, 604-899-6713. For public inquiries, call 604-899-6854 or 1-800-373-6393 (toll free).
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Contacts:
British Columbia Securities Commission
Richard Gilhooley
604-899-6577 or (Canada) 1-800-373-6393
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Datum: 30.03.2012 - 12:35 Uhr
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News-ID 1098536
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