ASC publishes new rule to improve how investigators receive records

Jan 27, 2014, 15:28 ET from Alberta Securities Commission

CALGARY, Jan. 27, 2014 /CNW/ - The Alberta Securities Commission (CSA) today published new ASC Rule 15-503 Production of Records (the Rule), together with Companion Policy 15-503CP and an explanatory Notice.

The Rule is designed to enhance ASC investigators' ability to obtain records in a practical, actionable format and in a consistent, efficient and organized manner.  When ASC staff require records to be produced, the Rule sets out specific requirements for how those records must be provided, such as:

  • electronic documents must be provided in their "native" electronic format (not printed and provided in paper form);
  • "metadata" (such as time/date of creation and author) in emails and other electronic records must remain intact; and
  • recipients of production orders are prohibited from destroying or altering the required documents.

"Implementation of this Rule will assist ASC staff in conducting efficient and effective reviews of the vast amount of electronic information that exists in today's capital markets investigations," said Bill Rice, Chair and Chief Executive Officer of the Alberta Securities Commission.  "Ultimately, our objective is to offer the best possible enforcement system for securities-related wrongdoing and, in turn, deliver strong investor protection to Albertans." 

ASC Rule 15-503 Production of Records was originally published for comment in January 2013. The Rule will come into effect on March 1, 2014.

For more information, please refer to the Alberta Securities Commission Notice, or review ASC Rule 15-503 Production of Records and Companion Policy 15-503 Production of Records.

SOURCE Alberta Securities Commission