Alberta Securities Commission chairman William Rice has paid a $1,000 penalty imposed by the Ontario Securities Commission after filing a late insider trading report.

Rice exercised stock options of Tesco Corp. in late June before he took over as ASC chairman.

In a release issued yesterday, Rice said he thought the reports had been filed by Tesco within the 10 days required.

“Upon discovering that this had not in fact happened, I did what any late filer should do, completed the late filing report and paid the appropriate fee,” Rice said. “I do take the matter of filing these reports very seriously and recognize that the onus was on me to ensure that this process had been completed.

He was assessed a $1,000 late-filing penalty by the OSC, which he subsequently paid.

Rice received the stock options in his role as a director of Tesco for 12 years.

The net proceeds of the exercise of the options and sale of the shares were $171.