CALGARY, Aug. 22, 2012 /CNW/ - The Alberta Securities Commission (ASC) has issued a cease trade order against the Fast Track group of companies' FT Capital Fund 7. The ASC's executive director issued the cease trade order after an ASC staff review determined that FT Capital Fund 7 had failed to meet filing requirements and the following offering memoranda were not completed in accordance with Alberta securities laws:
- Offering Memorandum for Class 2 Units dated December 1, 2011; and
- Offering Memorandum for Class 2 Units dated July 16, 2012.
The cease trade order prohibits FT Capital Fund 7 from trading or purchasing in any FT Capital Fund 7 securities until the cease trade order has been revoked or varied.
The ASC has also accepted undertakings from the Fast Track group of companies' FT Capital Fund 3 and FT Capital Fund 8 in regards to the following offering memoranda:
- FT Capital Fund 3: Offering Memorandum for Class 2 Units dated February 1, 2012; and
- FT Capital Fund 8: Offering Memorandum for Class 2 Units dated July16, 2012.
In the undertakings, FT Capital Fund 3 and FT Capital Fund 8 undertake to cease delivering the named offering memoranda to any purchaser in connection with any trade of securities, exchange contracts, or both under any prospectus exemption available under National Instrument 45-106. The companies also undertake to not distribute, or engage in any act in furtherance of a trade in respect of securities, exchange contracts, or both, until they have filed offering memoranda with the ASC that comply with Alberta securities laws, and receive confirmation from the ASC that the undertakings have been satisfied.A copy of the cease trade order is available on the ASC website at www.albertasecurities.com. Copies of the undertakings can be viewed at the ASC offices, Suite 600, 250 - 5 th Street SW, Calgary, Alberta. The ASC is the regulatory agency responsible for administering the province's securities laws. It is entrusted to foster a fair and efficient capital market in Alberta and to protect investors. As a member of the Canadian Securities Administrators, the ASC works to improve, coordinate and harmonize the regulation of Canada's capital markets. SOURCE Alberta Securities Commission