RE:So when does an outside investigation begin and who does it?Aallyy wrote: This time lapse is extensive regarding the company and its auditors inability to agree.
What are the next steps for the protection of shareholders' investments?
How long before a third party investigation commences?
Does anyone know how we can get answers??
Lord knows I've tried. There is, sadly, NOBODY going to conduct an outside investigation. As I've commented, there are three regulatory bodies in Canada and they climb all over each other to get out of the way and hide from any attention, never mind an investigation. And the mgmt, bod, and their lawyers know this. As I've commented before, based in my experiences, IIROC is the most capable of all three but unfortunately, they also have the least influence and jurisdiction with the FNC fiasco. There focus is on brokers, planners, and how that group treat the public. They have their hands full. I'd love to see them force themselves into the picture, but as an SGO, I don't see that happening. The TSX and/or TSX Venture exchanges used to be an SGO as well and it monitored, regulated, conduct of all exchange trading and listing requirements. They DO have some jurisdiction, but ever since the banks sold out and the TSX became a for profit corporation, they've noticeably become reluctant to wield the stick when necessary. They'd prefer a low profile so nobody notices these guys have license to print money with zero oversight from any entity charged with responsibility for fair, transparent, efficient capital market operations. They prefer big cushy salaries, stock options, pension plans, without even a significant shareholder never mind a government minister watching them. That leaves us with the most frustrating of them all. Our disjointed laughing stock of provincial securities regulators. In theory, every province is responsible for every issuer (that's what they call companies). In proactive , one province acts as the principal regulator, and that's the province the head office is registered. There are very few listed companies with their principal regulator being Quebec. The political interference and added costs of bilingual filings and securities laws and regulations just make it really difficult and expensive unless you are basically a francophone company. Too bad because Quebec has demonstrated a very strong willingness to get involved, look under the hood, and fulfill their responsibilities. Another reason little guys like FNC avoid Quebec. Ontario has by far the largest percentage of all our "real companies" and they act like it. They sort of have governments pulling their strings, they sort of are petrified to "take on" any of the big guys like the banks or telecom giants. Lastly we have bcsc which historically was responsible for all the former Vancouver stock Exchange listed companies. Once known as the Vegas exchange for the gambling vs investing nature of 99% of its companies. Now known as the "venture" exchange it's become more of the poor cousins to the OSC since the TSX relegates "juniors" to the venture and keeps all the big fat fees from the "real companies" to itself. Over time, through corporate profit motive strategies and splitting of legal work and liabilities, most of the little guys, most of the risky guys, and most of the shady guys evolved or devolved into BCSC regulated , venture exchange traded, thousands upon thousands of little startups, operators, etc. some companies actually"graduated" from the venture to the tsx exchange to gain better access to institutional investors or some other reason. Maybe even just ego. But we end up with the dogs breakfast of jurisdictional bafflegab. Like FNC, who are far from alone. They are registered in B.C. So are under principal watch of the BCSC. To be continued .......