An exempt market dealer in Alberta has had its registration terminated by regulators after a compliance review uncovered numerous deficiencies at the firm.
The Alberta Securities Commission (ASC) has terminated the registration of Calgary-based Madison Peak Securities Ltd., effective immediately. The commission made the move after a compliance review found that the firm was not meeting various requirements.
According to the ASC’s order, a March 9 compliance report on the firm noted that, among other things, it had failed to establish an adequate compliance system; failed to properly supervise its reps; and didn’t ensure proper KYC information was collected, or that client suitability was assessed.
As a result, ASC staff concluded that the firm was failing to carry out its obligations under Alberta securities laws, and failed to maintain its ongoing fitness requirements.