The Supreme Court of Canada (SCC) has denied the Alberta Securities Commission’s (ASC) bid for more direction from the court on the standards of proof required to prove illegal insider trading.
The ASC said Thursday the high court has denied its application for leave to appeal a decision of the Alberta Court of Appeal.
The ASC was pursuing an appeal in order to seek the SCC’s guidance on the standard of proof and evidence required to prove illegal insider trading allegations, and on determining sanctions in these sorts of cases.
The commission announced its planned appeal last fall after the province’s appellate court overturned certain findings of its tribunal in an alleged insider trading case. The Alberta Court of Appeal upheld appeals from three individuals, ruling that there wasn’t sufficient evidence against them; and, it directed the commission to reconsider the sanctions levied against two others in the case, saying that the panel didn’t give adequate justification for the penalties imposed in the case.
In response to the SCC’s decision denying leave, Bill Rice, chair and CEO of the ASC, said, “The ASC remains vigilant in monitoring for suspected insider trading and undeterred in pursuing illegal insider trading investigations. We have proven illegal insider trading allegations in the past and the public can have confidence that the ASC will continue its efforts to prosecute these illegal actions, which are a threat to the integrity of Alberta’s capital markets.”