Investment Executive : ASC reaches $250,000 settlement with Keystone

ASC reaches $250,000 settlement with Keystone

Reps not registered to provide financial advice 

Sunday, July 27, 2008 

By IE Staff

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The Alberta Securities Commission (ASC) has concluded a settlement with Keystone Real Estate Investment Corp. of Red Deer and its principals, Ron and Travis Cadman, for making misrepresentations to the public in promotional material and information seminars, and for acting as advisors without being registered.

Keystone and the Cadmans paid the ASC $250,000 to settle the allegations and $10,000 towards costs. 

The Cadmans also agreed to resign from all positions as directors or officers and to refrain from becoming or acting as directors or officers or both of any issuer for a period of two years.

In the settlement agreement, Keystone and the Cadmans admitted that:

> Keystone’s advertising included untrue claims with respect to its history of successful past real estate projects;

> certain offering memoranda used to solicit investments did not disclose the Cadmans’ past bankruptcies as required by Alberta securities laws; and

> Keystone representatives had held themselves out to the public as being in the business of providing investment advice when they were not registered to do so.

A copy of the Settlement Agreement is posted on the ASC Web s

Investment Executive : Quebec rep guilty of engaging in outside business activities: IDA

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Investment Executive : Canadian regulators seek comment on extension of passport system to registration

The proposals, which were released on Friday, include rule and policy amendments by CSA members in passport jurisdictions (every jurisdiction except Ontario) to extend the second phase of passport to registration. They also include a new proposed national policy, setting out the processes for registration in multiple jurisdictions for adoption by all CSA members, that will replace and streamline the current National Registration System and establishes the process for obtaining registration in multiple jurisdictions, including Ontario.

Investment Executive : Canadian regulators seek comment on extension of passport system to registration

The proposals, which were released on Friday, include rule and policy amendments by CSA members in passport jurisdictions (every jurisdiction except Ontario) to extend the second phase of passport to registration. They also include a new proposed national policy, setting out the processes for registration in multiple jurisdictions for adoption by all CSA members, that will replace and streamline the current National Registration System and establishes the process for obtaining registration in multiple jurisdictions, including Ontario.

RGE - American Un-Beauty: The Crisis of the Suburbian (McMansions and Gas-Guzzling SUVs) Way of Life

RGE - American Un-Beauty: The Crisis of the Suburbian (McMansions and Gas-Guzzling SUVs) Way of Life

Calculated Risk: Duelling Discourses of Debt

SEC News Digest (Issue 2008-139; July 18, 2008)

Freddie Mac Now SEC Reporting Company

The Securities and Exchange Commission today announced that the Federal Home Loan Mortgage Corporation (Freddie Mac) has voluntarily registered its common stock under the Securities Exchange Act of 1934 and is now subject to the Act’s periodic and current reporting requirements. By voluntarily becoming a reporting company, Freddie Mac has publicly disclosed, and will continue to disclose, key information about the company’s finances and operations.

The Commission staff provided Freddie Mac the same regulatory relief given in 2004 to the Federal National Mortgage Association (Fannie Mae), which voluntarily registered its common stock in the year before. Under the relief, both companies agree to disclose direct financial obligations and off-balance sheet arrangements on the same basis as if they were public companies conducting registered offerings. (Press Rel. 2008-145)

Jim Hamilton%u2019s World of Securities Regulation

NASAA Requests Comments on IA Model Rules 
The Investment Adviser Regulatory Policy and Review Project Group of the North American Securities Administrators Association (NASAA) is soliciting public comments on two sets of model rules it created for investment advisers and investment adviser representatives. The first set of model rules coordinate generally with the investment adviser and investment adviser representative provisions of the Model Uniform Securities Act of 2002, created to act as a helpful template for those states having adopted or planning to adopt the 2002 Act. The second set are model rules to coordinate specifically with the investment adviser/investment adviser representative exam requirements of both the 2002 Act and the Uniform Securities Act of 1956.

The comment period will be open for 21 days, from Friday, July 18 to Friday, August 8, 2008. Comments should be sent to Kenneth Hojnacki, Wisconsin Dept. of Financial Institutions, Division of Securities, P.O. Box 1768, Madison, Wisconsin 53701-1768; kenneth.hojnacki@dfi.state.wi.us.