The OSC couldn't give a monkey.......either. This is probably their standard form letter.
Notie Girl
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Response from OSC
Posted by: Heloboy2005 on August 26, 2008 11:48AM
Thank you for your inquiry to the Ontario Securities Commission regarding the granting of stock options to insiders of Aurelian Resources.
Your concerns will be reviewed by OSC staff, however, it is important to understand that the OSC is responsible for administering and enforcing Ontario securities law. Our reviews of complaints are undertaken from a regulatory perspective, to consider whether the issuer may have failed to comply with securities regulatory requirements that apply to it. Note that OSC staff reviews of shareholder concerns should not be considered to be investigations. Generally, OSC staff do not comment upon the existence or progress of either reviews or investigations.
The management and the board of directors do have obligations to act in the best interests of the corporation and its stakeholders; however, these obligations arise principally from corporate statutory and common law, and not securities law. Therefore, they are not enforced by regulators such as the OSC. Specific remedies may be available to shareholders for breaches of corporate law, and these provisions are generally enforced by the affected parties. If you wish to pursue these concerns, your best option would be to consult with a lawyer with corporate and Ontario securities law expertise for advice about remedies that may be available in legal proceedings through the courts or in a regulatory application.
I appreciate you taking the time to contact the Ontario Securities Commission.
Sincerely,
Allan Krystie
Senior Inquiries Officer
Ontario Securities Commission
inquiries@osc.gov.on.ca
416-593-8314 or toll free at 1-877-785-1555
