January 09, 2006
SEC Asked by OSC to Investigate Possible Insider Trading on Income Trusts
Paul Martin's beleagured government just may regret its silly anti-American attacks since the OSC has asked the SEC to investigate leaks concerning the Liberal government's income trust and dividend tax rulings.
Just when they thought they could launch nasty comments and do 5 minute photo opps with former President Clinton and not pay the price, they are surprised. Let's face it the SEC is about as aggressive as it gets. The SEC has 4500 lawyers to look into these types of problems and the OSC has about 45. So when the OSC asks for help, they must think there are grounds.
This way the OSC can do its job but allow the Americans to do the heavy lifting. Additionally, the SEC does not back down so if charges are to be laid, politically the Canadians can say it was the Americans who did it. As an American, I am happy to be part of a government that finds and eliminates corruption. It is a noble cause. Good for the OSC in not backing down.
An excerpt on this topic is here:
SEC probes income trust trading
No further information will be forthcoming, U.S. securities regulator tells NDP MP
Jan. 6, 2006. 07:35 PM
CANADIAN PRESS
OTTAWA — The American securities regulator is taking "very seriously" complaints of insider trading involving Finance Minister Ralph Goodale's November announcement on income trusts.
There is also a signal that the Ontario Securities Commission may be doing the same.
The U.S. Securities and Exchange Commission revealed it is reviewing the matter in an e-mail Thursday to Judy Wasylycia-Leis, the New Democratic Party's finance critic who filed a complaint with the market watchdog last month.
"We are taking your complaint very seriously and have referred it to the appropriate people within the SEC," the market watchdog's legal counsel, Ann H. Sulzberg wrote.
Wasylycia-Leis asked the SEC to investigate a suspicious spike in trading of income trust units and related stocks in the hours before Goodale's Nov. 23 announcement. He announced, after markets closed that day, that he would not be changing the tax treatment of income trusts but would, instead, cut taxes on corporate dividends.
An unusual volume of trading was noticed on the New York Stock Exchange as well as the Toronto Stock Exchange." For the complete article, click here.
If your company needs help to effectively comply with Sarbanes-Oxley in the US see www.issuescentral.com and learn more about the Compliance Playbook(tm) or see www.compliancepartner.ca for Canadian based companies who have to comply with Sarbanes-Oxley or MI 52-109 or MI 52-111.
Just when they thought they could launch nasty comments and do 5 minute photo opps with former President Clinton and not pay the price, they are surprised. Let's face it the SEC is about as aggressive as it gets. The SEC has 4500 lawyers to look into these types of problems and the OSC has about 45. So when the OSC asks for help, they must think there are grounds.
This way the OSC can do its job but allow the Americans to do the heavy lifting. Additionally, the SEC does not back down so if charges are to be laid, politically the Canadians can say it was the Americans who did it. As an American, I am happy to be part of a government that finds and eliminates corruption. It is a noble cause. Good for the OSC in not backing down.
An excerpt on this topic is here:
SEC probes income trust trading
No further information will be forthcoming, U.S. securities regulator tells NDP MP
Jan. 6, 2006. 07:35 PM
CANADIAN PRESS
OTTAWA — The American securities regulator is taking "very seriously" complaints of insider trading involving Finance Minister Ralph Goodale's November announcement on income trusts.
There is also a signal that the Ontario Securities Commission may be doing the same.
The U.S. Securities and Exchange Commission revealed it is reviewing the matter in an e-mail Thursday to Judy Wasylycia-Leis, the New Democratic Party's finance critic who filed a complaint with the market watchdog last month.
"We are taking your complaint very seriously and have referred it to the appropriate people within the SEC," the market watchdog's legal counsel, Ann H. Sulzberg wrote.
Wasylycia-Leis asked the SEC to investigate a suspicious spike in trading of income trust units and related stocks in the hours before Goodale's Nov. 23 announcement. He announced, after markets closed that day, that he would not be changing the tax treatment of income trusts but would, instead, cut taxes on corporate dividends.
An unusual volume of trading was noticed on the New York Stock Exchange as well as the Toronto Stock Exchange." For the complete article, click here.
If your company needs help to effectively comply with Sarbanes-Oxley in the US see www.issuescentral.com and learn more about the Compliance Playbook(tm) or see www.compliancepartner.ca for Canadian based companies who have to comply with Sarbanes-Oxley or MI 52-109 or MI 52-111.
