Seeing the headlines surrounding the Alberta Securities Commission, following the hiding of all material facts, denial of any involvement by the OSC around Assante allegations, reading official responses from provincial Securities Commissions lead me to wonder just how much wrongdoing is being hidden and covered over.
It appears the Alberta Securities Commission will spare no expense, and leave no avenue unexplored. In an effort to ferret out abuse of investors? No. In attempts to avoid full, clear and plain disclosure of ASC activities or audit of the ASC by the provincial auditor. After twenty years in the investment business, I was personally convinced that the ASC was nothing but a "paperwork tiger", unable to protect the average investor, yet unwilling to admit to this. Now I see they area actually a fairly strong organization, unafraid to fight........unfortunately not for small investors, but rather for secrecy and coverup of the job that they are doing.
Now as I watch them, run, hide, and hire lawyers to evade an open look into themselves, it makes one wonder just how large is the iceburg beneath the surface. I guess we will find out soon enough.
To see the OSC dodge, squirm, and avoid having anything to do with documents handed to them on obvious investment improprieties is akin to watching my son explain why he cannot do his homework.
To read the responses from both the ASC and the OSC to investors, industry participants etc, who write to them of wrongdoing, as these commission do everything in their power to justify why they are not the proper people to get involved. They point, they refer, they delegate to others, but I have yet to see them actually take on an investigation into investment abuses and I have yet to see a single abused investor receive compensation due to efforts from a provincial securities commission. That after twenty years.
This smells of regulators who have become so close to those that they are supposed to regulate, that they are unable to any longer recognize what it was they were put there for. This looks like total dedication to job protection instead of investor protection.
I wish to thank the forward thinking officials of the Alberta Securities Commission for doing such a forcefull job of evading a public audit. They are doing a better job of insinuating guilt than I could imagine. I thank them for not opening their books and their operations to audit, as it speak volumes about the kind of job they feel they are doing. Typically the people who evade accountability are those with something to hide. For public servants without something to hide, an invitation to audit is nothing but an opportunity to prove the job is being done correctly.
I look forward to the day when the disinfectant of sunlight is allowed to shine on the affairs at these commissions. Until that day I believe that Canadians are not covered by any effective securities regulatory agency whatsoever. It is very much "buyer beware".
