Madison Peak Securities Ltd.
IN THE MATTER OF THE REGISTRATION OF
MADISON PEAK SECURITIES LTD.
SUSPENSION OF REGISTRATION UNDER SECTION 28
OF THE SECURITIES ACT, R.S.O. 1990, c. S.5, AS AMENDED
- Madison Peak Securities Ltd. (Madison Peak) had been registered under the Securities Act (Ontario) (the Act) as a dealer in the category of exempt market dealer.
- Madison Peak was also registered under the securities laws of Alberta, British Columbia, Manitoba, and Québec.
- On March 9, 2015, staff of the Alberta Securities Commission (the ASC) recommended to David Linder, Q.C., Executive Director of the ASC, that it would be in the public interest to suspend or terminate Madison Peak’s registration. ASC Staff indicated that it had performed an “oversight review” of Madison Peak and had found several examples of non-compliance with Alberta securities laws.
- Although Madison Peak initially requested an opportunity to be heard, it withdrew its request to be heard on or about April 20, 2015. On April 22, 2015, Mr. Linder issued an order (the Order) terminating Madison Peak’s registration in Alberta. Because the ASC was Madison Peak’s principal regulator, the Order also had the effect of terminating Madison Peak’s registration in British Columbia, Manitoba and Québec.
- The examples of non-compliance identified in the Order raised serious concerns regarding whether Madison Peak had the requisite integrity, proficiency, and solvency of a registered firm under the Act.
- On April 27, 2015, on behalf of staff of the Ontario Securities Commission (Staff), Elizabeth A. King, Deputy Director, Compliance and Registrant Regulation, notified Madison Peak in writing that Staff had recommended to the Director that the registration of the firm be suspended (the Notice).
- The Notice advised Madison Peak that it was entitled to an opportunity to be heard before the Director decided to accept Staff’s recommendation.
- On May 1, 2015, Madison Peak advised Staff that it was not exercising its right to an opportunity to be heard in relation to Staff’s recommendation to suspend its registration. Terry Little, the president and ultimate designated person of Madison Peak, specifically advised in writing that Madison Peak “agrees to have its registration in Ontario terminated.”
- My decision is that the registration of Madison Peak be suspended, effective May 1, 2015.
May 7, 2015
Compliance and Registrant Regulation