OSC -

Aurelian Resources Was Stolen By Kinross and Management But Will Not Be Forgotten

The company whose shareholders were better than its management

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pecorina

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OSC -

in response to

Kinross warrants

Bullau

posted on Oct 29, 2008 06:21AM

I wrote the OSC in connection with the Aurelian

scandal and the Noront fiasco. Received reply as

under. Interesting how they see their mandate.

Compare this to their action/inaction.

- See especially below under (b) - WHAT A DISGRACE! -

Who is the next one relying on OSC's protection "from

unfair, improper or fraudulent practices....."

Good night Canada!

Ciao Tina

:

I acknowledge receipt of your email to the Ontario Securities Commission
regarding the OSC's response to calls for the OSC to intervene in the
Noront Resources Ltd proxy dispute. I would like to correct some mistaken
impressions about the responsibilities of the OSC.

The OSC is constituted under the Securities Act (Ontario) (the Act) as a
self-funded crown corporation, with members appointed by the Cabinet. Its
revenues are derived from fees paid by market participants and not from
the province's general tax revenue. The OSC is responsible for the
administration of the Act for the purposes described in the section 1.1 of
the Act as follows:

(a) to provide protection to investors from unfair, improper or fraudulent
practices; and
(b) to foster fair and efficient capital markets and confidence in capital
markets.

The OSC must have regard to six fundamental principles as enumerated in
the Act, including the requirement that it must balance the importance to
be given to each of the purposes in specific cases. As such, in carrying
out its regulatory mandate, the OSC gives consideration to the views of
many types of participants in the capital markets, including dealers and
advisers, public companies, and shareholders. While we listen to all
interested stakeholders, we do not represent any single group of
stakeholders.

Should you wish to review the Act, it is available through the OSC website
at www.osc.gov.on.ca. From the homepage -

under the heading "Policy & Regulation" choose "Legislation"
click on "Securities Act" in the first paragraph under "Securities Act
(Ontario) & Regulation/Commodity Futures Act & Regulation"

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