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The Alberta Securities Commission concluded fewer investigations in fiscal 2014 (the period between March 2013 and March 2014), according to its latest annual report.

Over the last 12 months, the ASC closed 358 investigations, compared to 772 in fiscal 2013 and 403 in fiscal 2012.

Read: Provincial regulators sign MOU with CFTC

However, the commission also received fewer complaints than it has over the last couple years (583 in 2014, versus 708 in 2013 and 734 in 2012). What’s more, the ASC recovered far more in administrative penalties in fiscal 2014 ($2,034,000) than it did in 2013 and 2012 ($247,000 and $457,000, respectively).

The annual report says, “In [fiscal] 2014, the ASC recovered its highest-ever outstanding administrative penalties…Funds not surrendered voluntarily were collected via enforcement methods such as compelling financial statements of debtor, issuing garnishee orders, conducting questionings and liquidating seizures of assets.”

In the report, ASC senior litigation counsel Tom McCartney adds, “The majority of individuals and companies raising funds in Alberta follow the rules. Unfortunately, it’s not everyone and that’s where we come in.”

Read: ASC names new vice chair

The commission’s report says ASC held 13 hearings in fiscal 2014, compared to 16 in 2013. As well, four prosecutions were initiated in Provincial Court and 13 other cases were handled via other court proceedings.

Read more on ASC’s initiatives and on the exempt market.

Also check out:

Be proactive to prevent fraud, says CSA

More disclosure deficiencies in 2014, says CSA

Alberta denounces progress on national securities regulator

Originally published on Advisor.ca

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