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Gold/Mining/Energy : NP Energy Cp New
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From: bully7/12/2008 11:33:05 AM
   of 22810
 

Change is in the wind.....

The B.C. Securities Commission has announced it will implement new rules on Sept. 15 to curb the proliferation of sleazy Vancouver companies that trade on the dreadful OTC Bulletin Board and on pink sheets in the United States.

Readers of this column will know that Vancouver is a major originator and trafficker of shell companies that are registered for trading in the United States and used as vehicles for horrendous stock promotions.

Starting Sept. 15, the commission will deem any company that has a B.C. connection to be a B.C. reporting issuer, regardless of where the company is based or where its shares trade.

This will bring these companies, which currently operate in kind of regulatory twilight world in B.C., within the purview of the commission's compliance and enforcement people.

Readers will also know there are a slew of Vancouver brokerage firms that have been willing to deal this stock for OTC promoters and move the proceeds to foreign jurisdictions, where it disappears from sight.

This problem was addressed last month when the commission imposed new rules which, among other things, prohibit brokerage firms from trading securities in OTC issuers if the beneficial owner is unknown to them. The idea is to hold local dealers more accountable for OTC transactions.

During the past year, I have noticed a cooling in Howe Street's ardour for these stocks. I would attribute this to the commission's initiatives, and to the bright light this newspaper has shone on this very murky business.

dbaines@png.canwest.com

© The Vancouver Sun 2008
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