CALGARY – November 14, 2017 – The Alberta Securities Commission (ASC) has issued an Interim Order against Allan Robert Magneson and New Wave Innovations Ltd. (New Wave).
An ASC panel determined that it was in the public interest that all trading in securities of New Wave cease immediately, except for trades made in reliance on the “offering memorandum” exemption under National Instrument 45-106 Prospectus Exemptions.
The Interim Order also prohibits Magneson from acting as, or becoming, a director or officer of New Wave and directs him to cease trading in all securities or utilizing exemptions in Alberta securities laws. A limited carve-out permits Magneson to trade in securities through a registrant in accounts maintained by that registrant, provided that the registrant has received a copy of the Interim Order.
The Order took effect November 10, 2017 and remains in effect until any proceedings arising from the investigation into New Wave and Magneson are concluded.
A copy of the Interim Order can be found on the ASC website at 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.