Regulatory Alerts2026-01-19
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Superintendence Resolution No. 002-2026-SMV/11
The Securities Market Superintendence (SMV) imposes a reprimand on Silver Mountain Resources Inc. for the late disclosure of a material fact, specifically the suspension of trading on the TSX Venture Exchange, which occurred on April 16, 2024, but was communicated on April 22, 2024. The regulator rejects the issuer's arguments regarding international legal validation and time zone differences as justification for the six-day delay, ruling that the failure to report on the same day constitutes a minor infraction under Article 3.1 of numeral 3 of Annex I of the Sanctions Regulation. The decision confirms that voluntary remediation does not exempt the issuer from liability for this type of infraction, resulting in the imposition of the sanction.
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