Post by
Fintech1969 on May 23, 2019 9:57pm
OSC has been engaged
Thank you for your complaint to the Ontario Securities Commission (OSC) concerning First Global Data Limited (First Global). In your email you expressed concern with First Global's disclosures, and that they liquidating assets. The OSC's main role with respect to your concerns, is to ensure First Global, as a public company, is filing the disclosure they are required to file under securities law in Ontario. Rights of shareholders, as they may relate to decisions of management pertaining to the direction of their business, typically fall under corporate law, not securities law. As you appear to be aware, First Global has been subject to a Cease Trade Order (CTO) in Ontario since May 4, 2018 because it failed to file its audited annual financial statements and related documents for the year ended December 31, 2017 on the SEDAR at www.sedar.com. The CTO means that shares of First Global may not be traded until the CTO is removed. Generally, the CTO remains in place until the reporting issuer brings its filings up-to-date and files an application with the OSC to have the CTO removed and the application is approved. I have attached a copy of the CTO for your reference: (See attached file: First Global Data FFCTO Order 20180504 (1).pdf) I have forwarded your complaint about First Global to staff in the OSC's Corporate Finance department, so they are aware of your concerns. Their review of this matter will focus on potential violations of Ontario securities law. Please note that regulatory reviews, and any subsequent investigations, are conducted privately. Any issues that staff may identify will be addressed with the issuer directly. Any information that can be made public is posted on the OSC website (OSC Proceedings). If you have follow-up questions about the information provided above, please call me at the number below. Sincerely, David DoRego Lead Inquiries Officer Ontario Securities Commission inquiries@osc.gov.on.ca