The ASC’s Enforcement department is neither “dysfunctional” nor “in disarray”, contrary to recent allegations in the press, says John Petch, Director of Enforcement with the Alberta Securities Commission.

“Since assuming my position as Director of Enforcement in October 2003, there has been no interference with the appropriate exercise of the department’s responsibilities to enforce Alberta securities laws,” said Petch in a statement.

Petch added, “The enforcement record for the fiscal year being completed this month speaks for itself. There was a robust level of enforcement activity with two major hearings ongoing, eight cases concluded by settlement, another eight cases concluded by hearing and some seven illegal distributions dealt with by way of interim cease trade measures. Enforcement activities are continuing without disruption.”

The ASC says several new initiatives to improve enforcement functions are already planned for implementation in the new fiscal year, which starts April 1. These include an increased focus on applying sanctions in Alberta imposed by other securities regulators against parties who have harmed or threaten the operation of Alberta capital markets.

Other priorities include a continuing emphasis on preventing illegal distributions of securities through interim cease trade measures, and instituting an initiative to fast track the investigation of illegal insider trader complaints.