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ARTICLE · 18 MAY 2018

Alberta Securities Commission Allows No-Contest Settlement Agreements

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The ASC, the regulatory agency responsible for administering provincial securities laws in Alberta, announced last week that it would be following the lead of its Ontario and American counterparts in allowing...

CanadaCorporate/Commercial Law
Michael Mysak
Michael Mysak
Justin Lambert
Justin Lambert
Raphael Jacob
Raphael Jacob
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The Alberta Securities Commission (ASC), the regulatory agency responsible for administering provincial securities laws in Alberta, announced last week that it would be following the lead of its Ontario and American counterparts in allowing respondents the opportunity to enter into no-contest settlement agreements in certain, prescribed situations. The change, instituted via an addition to the Credit for Exemplary Cooperation in Enforcement Matters Policy (ASC Policy 15-601), will allow respondents to avoid investigation by the ASC while also avoiding any admission of wrongdoing or guilt, if they qualify.

No-contest settlement agreements are attractive options for respondents seeking to avoid a lengthy ASC investigation and the accompanying damage to one's reputation. Without needing to admit guilt, the respondent can instead settle with the ASC and pay an agreed-upon fine. No-contest settlement agreements are beneficial to the ASC as well. By expediting cases, the

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