Response from the OSC In frustration I filed a complaint to the OSC last week about the manipulative manner in which the MMs managed to crash the SP of PSN upon the release of the Q3 results. I wasn't expecting anything reallly, it's more of a case venting some anger that we all have been robbed.
I got a response all right and as expected the OSC kicked the ball over to Alberta. Claiming PSN is an Albertan company and conveniently overlooking PSN is traded mainly on the TSX. Here is the response. If nothing else it's good for a laugh.
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Thank you for your complaint to the Ontario Securities Commission (OSC) concerning Poseidon Concepts Corp. (Poseidon).
IIROC
Since you have alleged that there are suspicious trading patterns due to dealer trading staff misconduct (wash trading) your concerns are within the regulatory authority of the Investment Industry Regulatory Organization of Canada (IIROC). IIROC is recognized by the OSC as a self-regulatory organization under Ontario securities laws. IIROC oversees all trading activity on equity marketplaces in Canada.
IIROC monitors trading of securities on and across all stock exchanges and other equity marketplaces to ensure compliance with the Universal Market Integrity Rules (UMIR) that cover trading activity in Canada. IIROC staff use an advanced technology system known as the Surveillance Technology Enhancement Platform (STEP), which offers a unique consolidated view of trading on all marketplaces that helps to detect unusual activity. STEP gives IIROC the tools, including real time capability, to monitor and identify possible violations of UMIR.
IIROC’s team of surveillance experts also tracks company news, stock charts, chat room activity and other sources to identify potential insider trading violations. In cases where market activity has been influenced by rumours or other information, IIROC may ask the company to issue a clarifying statement to the public. If monitoring efforts or preliminary investigations by IIROC detect evidence of possible insider trading activity, which is a violation of the Ontario Securities Act, the details will be referred to the Ontario Securities Commission or other provincial regulators as appropriate.
IIROC also monitors the timely disclosure of material information by companies trading on marketplaces IIROC regulates. Media releases issued by listed companies with material information are reviewed by IIROC surveillance staff before being released on the newswires or the company’s website. If a news release is unclear or overly promotional, IIROC may ask the company to revise it. Where surveillance staff believe that information is material enough to significantly impact the price of the security they might issue a “trading halt” – a temporary pause in trading to allow the market to properly absorb the information.
Additional information about IIROC’s roles and responsibilities, and its contact information, is available at www.iiroc.ca. You may view the UMIR at https://www.iiroc.ca/industry/rulebook/Pages/UMIR-Marketplace-Rules.aspx.
Principal Regulator - Alberta Securities Commission
In Canada, the administration and enforcement of securities law is a matter of provincial jurisdiction. Poseidon's principal regulator is Alberta. Therefore, by way of copying the Alberta Securities Commission (ASC) on your question and this response, I am forwarding your inquiry to the ASC, for information purposes.
Here is information about contacting the ASC, in case you need to follow-up on this matter: https://www.albertasecurities.com/Pages/ContactUs.aspx
Sincerely,
Nicole Plotkin
Lead Inquiries Officer
Ontario Securities Commission
inquiries@osc.gov.on.ca
416-593-8314
1-877-785-1555