CALGARY – June 9, 2017 - The Alberta Securities Commission (ASC) has concluded a Compliance Settlement Agreement and Undertaking with Privest Wealth Management Inc. (Privest), arising out of concerns about the firm’s practices regarding conflicts of interest, suitability, marketing and other issues.
Privest, an Alberta-based Exempt Market Dealer, admitted to breaching obligations under Alberta securities laws that were discovered in the course of a compliance review by ASC staff (EMD market sweep).
“Quickly and efficiently addressing investor protection issues identified as a result of our EMD market sweep supports one of our strategic pillars – proactive and comprehensive compliance and enforcement,” said David Linder, Executive Director.
Under the Settlement Agreement, Privest agreed to terms and conditions that require an independent monitor to oversee aspects of the firm’s operation for at least a one year period. The agreement acknowledges several positive changes that the firm has already made as a factor relevant to the settlement.
A copy of the Settlement Agreement can be found on the ASC website at www.albertasecurities.com.
The ASC is the regulatory agency responsible for administering the province's securities laws. It is entrusted with fostering a fair and efficient capital market in Alberta and with protecting investors. As a member of the Canadian Securities Administrators, the ASC works to improve, coordinate and harmonize the regulation of Canada's capital markets.
- 30 -
For more information: