Decisions
Hypo Alpe-Adria-Bank (Liechtenstein) AG [Decision]
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BCSECCOM #:
2008 BCSECCOM 257
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Document Type:
Decision
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Published Date:
2008-05-23
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Effective Date:
2008-05-20
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Details:
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2008 BCSECCOM 257
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Hearing
| Panel | Brent W. Aitken | Vice Chair |
| John K. Graf | Commissioner | |
| Suzanne K. Wiltshire | Commissioner |
| Hearing Dates | January 30 and February 26, 2008 |
| Final submissions filed | April 1, 2008 |
| Decision date | May 20, 2008 |
| Appearing | |
| C. Paige Leggat | For the Executive Director |
| Gordon R. Johnson | For Hypo Alpe-Adria Bank (Liechtenstein) AG |
Decision
I Introduction¶ 1 This is an application under section 161(1) of the Securities Act, RSBC 1996, c. 418 for an order prohibiting Hypo Alpe-Adria-Bank (Liechtenstein) AG permanently from trading in, or purchasing, any securities or exchange contracts in British Columbia.
¶ 2 On August 28, 2007 the executive director issued a notice of hearing and temporary order under sections 161(1) and (2) against Hypo (see Hypo Alpe-Adria-Bank (Liechtenstein) AG 2007 BCSECCOM 511). The temporary order prohibited Hypo from trading in, or purchasing, any securities or exchange contracts in British Columbia.
¶ 3 On September 14, 2007 a commission panel extended the temporary order until a hearing is held and a decision rendered (see Hypo Alpe-Adria-Bank (Liechtenstein) AG 2007 BCSECCOM 555) and on October 15, 2007 issued its reasons (see Hypo Alpe-Adria-Bank (Liechtenstein) AG 2007 BCSECCOM 622).
¶ 4 On December 19, 2007 the executive director issued an amended notice of hearing that:
- extends the allegations in the original notice of hearing to Hypo’s trading through 11 British Columbia investment dealers where it held accounts
- alleges that some or all of the beneficial owners of the securities purchased and sold through the accounts may have manipulated the market, contrary to section 57 of the Act
- alleges that Hypo has failed to provide to commission staff the names and contact information of the beneficial owners, and as a result commission staff are unable to determine whether some or all of the beneficial owners have contravened the Act or acted contrary to the public interest