(CN) - The Securities and Exchange Commission said Friday that it had temporarily suspended the securities trading of the Canadian firm Liberty Silver Corp.
Suspension took effect for Liberty, of Toronto, Ontario, at 9:30 a.m. on Friday. It will regain trading privileges at 11:59 p.m. on Oct. 18, 2012, according to the SEC.
The commission said it took action "because of a lack of current and accurate information about the company concerning, among other things, the control of its stock, its market price, and trading in the stock."
Brokers, dealers, shareholders and prospective purchasers should "carefully consider" these facts, and be alert to other factors involved with a trading suspension, according to the SEC.
Once the suspension ends, a rule of the Exchange Act say that brokers and dealers cannot enter quotations unless and until they have strictly complied with all of the provisions of the rule.
"If any broker or dealer has any questions as to whether or not he has complied with the rule, he should not enter any quotation but immediately contact the staff in the Division of Trading and Markets, Office of Interpretation and Guidance, at (202) 551-5777," the SEC says. "If any broker or dealer is uncertain as to what is required by Rule 15c2-11, he should refrain from entering quotations relating to Liberty Silver's securities until such time as he has familiarized himself with the rule and is certain that all of its provisions have been met. If any broker or dealer enters any quotation which is in violation of the rule, the commission will consider the need for prompt enforcement action. "
The SEC encourages broker and dealers with information related to this matter to contact SEC officer Michael Osnato in New York at (212) 336-0156.
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