Supreme Court of Canada dismisses McLean appeal of BCSC order

VANCOUVER, Dec. 6, 2013 /CNW/ -The Supreme Court of Canada (SCC) has dismissed Patricia McLean's appeal of a 2010 British Columbia Securities Commission (BCSC) order. The order in question made the sanctions approved by the Ontario Securities Commission (OSC) as part of a 2008 settlement agreement with McLean effective in British Columbia.

In her settlement agreement with the OSC, McLean acknowledged that she engaged in conduct contrary to the public interest as a registrant with Rampart Securities Inc., and agreed with the OSC to be subject to sanctions. For her misconduct, McLean was prohibited from trading in securities for five years, and was banned from acting as an officer or director of a reporting issuer or a registrant in Ontario for 10 years.

In May 2010, the BCSC issued an order mirroring the sanctions McLean agreed to with the OSC. McLean appealed this order to the Court of Appeal, arguing that the six-year limitation period had elapsed before the BCSC issued its order.

In its decision dismissing McLean's appeal, the SCC recognized that modern securities markets transcend provincial borders, and that inter-jurisdictional cooperation among regulators is indispensable. The commission's interpretation of the limitation period "strikes a reasonable balance between facilitation of interprovincial cooperation and the underlying purposes of limitation periods."

"We are pleased with the Supreme Court's decision," said Brenda Leong, Chair of the BCSC. "With current technology, individuals do not have to be present in British Columbia to engage in activities that may be harmful to B.C. investors or our markets, so this decision strengthens interprovincial enforcement and our ability to protect investors in this province."

You may view the reasons for decision on our website www.bcsc.bc.ca by typing Patricia McLean or 2012 BCSECCOM 50 in the search box. Information regarding disciplinary proceedings can be found in the Enforcement section of the BCSC website.

Please visit the Canadian Securities Administrators' Disciplined Persons List for information relating to persons disciplined by provincial securities regulators, the Investment Industry Regulatory Organization of Canada (IIROC) and the Mutual Fund Dealers Association (MFDA).

About the British Columbia Securities Commission (www.bcsc.bc.ca)

The British Columbia Securities Commission is the independent provincial government agency responsible for regulating capital markets in British Columbia through the administration of the Securities Act. Our mission is to protect and promote the public interest by fostering:

• A securities market that is fair and warrants public confidence
• A dynamic and competitive securities industry that provides investment opportunities and access to capital

SOURCE: British Columbia Securities Commission

Media Contact:
Richard Gilhooley, Media Relations
604-899-6713

Public inquiries:
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