Market
Regulation Services Inc. (RS) launches new database
to protect investors
from unintentional violations of cease trade orders
TORONTO, Feb. 27 /CNW/ - A national database and real-time dissemination
system was launched today by Market Regulation Services Inc. (RS) to
protect investors from unintentional violations of issuer cease trade
orders (CTOs).
The database contains the names of all Canadian companies whose shares
have been cease-traded, including companies traded on the TSX and TSX
Venture Exchanges, as well as Canadian companies traded in other jurisdictions.
The repository was developed by RS in collaboration with the dealer
community and provincial securities commissions and funded by the British
Columbia Securities Commission. It will help solve the ongoing problem
of timely CTO notification to investment dealers who previously had
to search databases of each provincial securities commission to ensure
they were not violating CTOs. The CTO database is also the only centralized
source for CTOs of non-Canadian-exchange traded companies.
A CTO is issued against a company for failing to meet disclosure
requirements, such as the filing of a quarterly financial statement,
or as a result of an enforcement action that involves an investigation
of wrongdoing.
"This new system is a cost-effective and extremely efficient
service designed specifically to protect investors and meet the needs
of investment dealers," said Tom Atkinson, President & CEO
of RS. "The database is a good example of how RS uses its national
reach and cooperates with other regulators to strengthen the integrity
of the markets - while lowering costs for the
industry. It fits well with our philosophy of providing solutions that
don't get bogged down by jurisdictional concerns."
The database is publicly accessible through RS's website www.regulationservices.com.
Investment dealers register with RS to receive real-time email notification
of issuer CTOs and anyone can search the library within the site for
historical CTO information. The proactive notification system will
greatly diminish the risk of not complying with issuer CTOs, reducing
exposure to disciplinary action by the securities commissions. More
than 50 registered investment dealers in Canada have registered for
the email notification system and RS expects all dealers to be registered
by April 1.
RS is the independent national market regulation services provider
for Canadian equity markets, including the TSX and TSX Venture Exchanges.
It has been recognized by the Securities Commissions of Alberta, British
Columbia, Manitoba, Ontario and Quebec to regulate the trading of securities.
For further information:
Wendy Dey,
Director, Communications & Public Affairs,
Market Regulation Services Inc. (RS),
(416) 646-7253,
wendy.dey@regulationservices.com
to protect investors from unintentional violations of cease trade orders
TORONTO, Feb. 27 /CNW/ - A national database and real-time dissemination system was launched today by Market Regulation Services Inc. (RS) to protect investors from unintentional violations of issuer cease trade orders (CTOs).
The database contains the names of all Canadian companies whose shares have been cease-traded, including companies traded on the TSX and TSX Venture Exchanges, as well as Canadian companies traded in other jurisdictions.
The repository was developed by RS in collaboration with the dealer community and provincial securities commissions and funded by the British Columbia Securities Commission. It will help solve the ongoing problem of timely CTO notification to investment dealers who previously had to search databases of each provincial securities commission to ensure they were not violating CTOs. The CTO database is also the only centralized source for CTOs of non-Canadian-exchange traded companies.
A CTO is issued against a company for failing to meet disclosure requirements, such as the filing of a quarterly financial statement, or as a result of an enforcement action that involves an investigation of wrongdoing.
"This new system is a cost-effective and extremely efficient
service designed specifically to protect investors and meet the needs
of investment dealers," said Tom Atkinson, President & CEO
of RS. "The database is a good example of how RS uses its national
reach and cooperates with other regulators to strengthen the integrity
of the markets - while lowering costs for the
industry. It fits well with our philosophy of providing solutions that
don't get bogged down by jurisdictional concerns."
The database is publicly accessible through RS's website www.regulationservices.com. Investment dealers register with RS to receive real-time email notification of issuer CTOs and anyone can search the library within the site for historical CTO information. The proactive notification system will greatly diminish the risk of not complying with issuer CTOs, reducing exposure to disciplinary action by the securities commissions. More than 50 registered investment dealers in Canada have registered for the email notification system and RS expects all dealers to be registered by April 1.
RS is the independent national market regulation services provider for Canadian equity markets, including the TSX and TSX Venture Exchanges. It has been recognized by the Securities Commissions of Alberta, British Columbia, Manitoba, Ontario and Quebec to regulate the trading of securities.
For further information:
Wendy Dey,
Director, Communications & Public Affairs,
Market Regulation Services Inc. (RS),
(416) 646-7253,
wendy.dey@regulationservices.com
