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Message: breaches of fudiciary duty, no action by TSX?
I find it very interesting that the TSX has not acted on investors claims of breach of fudiciary duty by our current BOD. These claims seem to have reasonable cause and that is all that is needed for the TSX to act, to protect the interest of the shareholders, and the general public as well, by showing the public that enforcement is in the markets, which in turn upholds confidence and integrity.
The TSX is now owned by Banks and Pension funds, " The Maple Group". Under Securities regulation, the TSX has to answer to the BCSC and the ASC.
"The ASC also oversees the Natural Gas Exchange, Inc., the Investment Industry Regulatory Organization of Canada, and the Mutual Fund Dealers Association of Canada. Along with British Columbia, the ASC jointly oversees the operations of the TSX Venture Exchange."
Also, you will see above, that the ASC also oversees IIROC, ( the Investment Industry Regulatory Organization of Canada), and our reports of trading that went to IIROC, should be a concern of the ASC
Without complicating the subject at this time concerning all shareholders in SLI, the ASC can also be held negligent in our case. In this oversight review 2006, of the TSX Venture Exchange, it clearly shows what each regulator is responsible for in regards to the TSX. On page 6.
The TSX-V is co-regulated by the Alberta Securities Commission (ASC) and the
British Columbia Securities Commission (BCSC) (the Commissions).Each
Commission has Lead Regulator oversight responsibilities for specific TSX-V
operational and regulatory functions.
3. Scope of the review
The ASC and BCSC each reviewed the functions relating to their areas of responsibility:
Lead Regulator Functional Area Specific Functions Reviewed
BCSC Compliance
· Listed issuer surveillance
·
Director and officer suitability
Trading
· Access to trading
·
Direct market access
Clearing and Settlement
· Rule for clearing and settlement
arrangements
·
Buy-in process
Systems
· Notification to the Commission of
material system failures and changes
Miscellaneous
· Outsourcing of regulatory services
·
Oversight of RS
ASC Corporate Governance
· Includes rule making
Corporate Finance
· Relating to minimum or continuing
listing/quoting requirements; tier
maintenance requirements;
sponsorship; continuous disclosure; and
trading halts, suspensions and de-listing
procedures
·
Significant waivers of Capital Pool
Company policy
Financial Viability
· Includes fees
Miscellaneous
· Documentation and record keeping
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