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Article: Regulators probe Canada's oil patch for insider trading violations.(Alberta Securities Commission )(Brief Article)
- Article from:
- International Petroleum Finance
- Article date:
- April 1, 2002
CopyrightCOPYRIGHT 2002 Energy Intelligence Group. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Regulatory investigations into possible illegal insider trading activity have created a stir in Western Canada's oil patch.
The Alberta Securities Commission (ASC) confirmed that it is looking into a number of instances over the past 18 months in which shares of Canadian oil and gas companies have surged in the days just before they revealed friendly takeover bids.
"We're concerned about insider trading and how it could damage the capital markets here," said an ASC spokeswoman. Details of ASC investigations, including the names of companies, investment banks, brokerage houses, or other institutions that may be under review, are kept confidential.