Telfer: Another Reason for National Regulator
Based on my understanding, the OSC is going after Telfer.
Did he inside trade? No.
Did he disclose insider information? No.
Did he break any laws? No.
Did he breach any securities regulations? No.
Instead, he told a friend that Blackberry Messanger is more private than company email.
Same friend who’s brother-in-law invested in a private placement.
Same friend who tipped someone and then emailed “I have better ways of being thanked…$$$$$”
Okay, so he hasn’t got the smartest friend.
But accusing Telfer acting “contrary to the public interest” is just a way to get his name into court documents so there would be more media coverage. And given the coverage, I’d say that tactic is working very well.
In my limited experience with different levels of government, the smaller they are, the more they act like individuals trying to score points (not always, I’ve dealt with very excellent civic politicians and bureaucrats). When you go to a federal agency, they are careful, measured and make fewer mistakes (again, not always).
I believe this is an excellent example. The OSC is acting “contrary to the public interest” by including Telfer where he shouldn’t have been included. The result is that someone who we should be promoting as a leader in the industry is included in stories about allegations of insider trading. Rather than holding Telfer up as an example of what is great about Canada and our exploration and mining industry, he’s being tarred and feathered in the international press.
I honestly believe that a federal regulator would be a little smarter in a situation like this.
We look south of the border and are amazed that they don’t have national health care. I’m sure the few that look north look at our provincial regulators and shake their heads. Canada is the only G20 country without a national securities regulator. We have a majority federal government with the desire for a national regulator. Time to get on with it.