Citing a technical deficiency, the Alberta Securities Commission has issued a cease trade order against the bond issuer
The ASC has announced its issuance of a cease trade order (CTO) against OmniArch Global Bond Corporation. The order comes after ASC staff checked documents that the company submitted to the regulator and determined that its offering memorandum (OM) was not completed in accordance with Alberta securities laws.
According to the CTO, which is viewable on the ASC website, the company filed the OM for Class A Bonds and Class C Bonds on November 27, 2015.
Under the CTO, trading or purchasing in OmniArch Global Bond Corporation issued securities is prohibited. The ban will take effect until the order has been revoked or varied, which can only happen after any deficiencies in the OM have been rectified.
This is not the first time the ASC has issued a CTO against the OmniArch brand. In December 2012, the regulator handed out a CTO imposing a ban on purchasing and trade of securities issued by OmniArch Capital Corporation. The order was issued also because the associated OM was not completed correctly.
The CTO against OmniArch Capital Corporation was revoked in January 2014.
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According to the CTO, which is viewable on the ASC website, the company filed the OM for Class A Bonds and Class C Bonds on November 27, 2015.
Under the CTO, trading or purchasing in OmniArch Global Bond Corporation issued securities is prohibited. The ban will take effect until the order has been revoked or varied, which can only happen after any deficiencies in the OM have been rectified.
This is not the first time the ASC has issued a CTO against the OmniArch brand. In December 2012, the regulator handed out a CTO imposing a ban on purchasing and trade of securities issued by OmniArch Capital Corporation. The order was issued also because the associated OM was not completed correctly.
The CTO against OmniArch Capital Corporation was revoked in January 2014.
Related stories:
ASC to investors: Stay away from Bristol Financial
Self Made Millionaires for dummies “author” faces Securities Commission wrath
