Discipline Notice GLOBAL SECURITIES CORPORATION. December 3, 2007 DN Suggested Routing Trading Legal and Compliance

Transcription

1 Discipline Notice December 3, 2007 DN Suggested Routing Trading Legal and Compliance GLOBAL SECURITIES CORPORATION UMIR Provisions Contravened 7.7 Trading During Certain Securities Transactions Summary A Hearing Panel constituted under the Universal Market Integrity Rules approved a settlement agreement between Market Regulation Services Inc. and Global Securities Corporation. In the settlement, Global agrees that between October 6, 2005 and November 16, 2005 it contravened UMIR Rule 7.7. Global agreed to pay a fine of $65,000 and $25,000 in costs. Appendices Settlement Agreement Statement of Allegations Questions / Further Information For further information or questions concerning this notice contact: Chilwin Cheng Chief Counsel and Manager of Western Region Telephone: Fax: Market Regulation Services Inc. P.O. Box 11580, Suite 2600, 650 West Georgia Street Vancouver, British Columbia V6B 4N8

2 Person Disciplined Summary of Facts DISCIPLINARY NOTICE GLOBAL SECURITIES CORPORATION December 3, 2007 On November 29, 2007, a Hearing Panel of the Hearing Committee of Market Regulation Services Inc. ( RS ) approved a settlement agreement (the Settlement Agreement ) concerning Global Securities Corporation ( Global ). Requirement Contravened Under the terms of the Settlement Agreement, Global agrees that between October 6, 2005, and November 16, 2005, while acting as an underwriter for a private placement of securities for Jasper Mining Corporation, it entered twenty-five orders to buy shares of Jasper Mining on the TSX Venture Exchange for its non-client, inventory and client accounts on a solicited basis, contrary to UMIR 7.7. Sanctions Approved Global will pay to RS a fine of $65,000 and costs of $25,000. During the Restricted Period, Global entered twenty-five orders on the TSXV to buy shares of Jasper Mining, resulting in the execution of forty-three trades. Of these orders, eight were made for non-client accounts, one was made for an inventory account at Global, and the rest were made for client accounts on a solicited or discretionary basis, contrary to UMIR 7.7(1). The purpose of UMIR 7.7 is to prohibit purchases of, or bids for, restricted securities in circumstances where there is heightened concern over the possibility of manipulation or the misuse of confidential information by those with an interest in the outcome of a distribution of securities or other transaction. The UMIR 7.7 prohibitions on trading during certain securities transactions are intended to signal to the public that the capital markets are a level playing field. By disregarding the application of UMIR 7.7 and repeatedly purchasing Jasper Mining shares for non-client, inventory and discretionary accounts, and for client accounts in circumstances where the client orders were solicited, Global did harm to the reputation of the marketplace and the public s perception of the capital markets. Panel Members Chair: Panel Member: Panel Member: Ms. Alison Narod Mr. Richard Thomas Mr. David Pearson DN Global Securities Corporation, December 3,

3 Further Information DISCIPLINARY NOTICE GLOBAL SECURITIES CORPORATION December 3, 2007 Participants who require additional information should direct questions to Chilwin Cheng, Chief Enforcement Counsel, Market Regulation Services Inc., Western Region, at About Market Regulation Services Inc. (RS) RS is the independent regulation services provider for Canadian equity marketplaces, including: The Toronto Stock Exchange (TSX); TSX Venture Exchange (TSX V), Canadian Trading and Quotation System (CNQ), including its "Pure Trading" facility; Bloomberg Tradebook Canada Company; Liquidnet Canada Inc.; Perimeter Markets Inc. (BlockBook ); and TriAct Canada Marketplace (MATCH Now). RS is recognized by the securities commissions of British Columbia, Alberta, Manitoba, Ontario, and by the Autorité des marchés financiers in Québec to regulate the trading of securities on these marketplaces by participant firms and their trading and sales staff. RS helps protect investors and ensure market integrity by ensuring all equities transactions are executed properly, fairly and in compliance with trading rules. DN Global Securities Corporation, December 3,

4 IN THE MATTER OF THE UNIVERSAL MARKET INTEGRITY RULES AND IN THE MATTER OF GLOBAL SECURITIES CORPORATION OFFER OF SETTLEMENT A. INTRODUCTION 1. Market Regulation Services Inc. ( RS ) has conducted an investigation (the Investigation ) into the conduct of Global Securities Corporation ( Global ). 2. The Investigation has disclosed matters for which RS seeks certain sanctions against Global pursuant to Rule 10.5 of the Universal Market Integrity Rules ( UMIR ). 3. If this Offer of Settlement is accepted by Global, the resulting settlement agreement (the Settlement Agreement ), which has been negotiated in accordance with Part 3 of UMIR Policy 10.8, is conditional upon the approval by a hearing panel (the Hearing Panel ) of the Hearing Committee appointed under Part 10 of UMIR Policy 10.8.

5 4. Global agrees to waive all rights under UMIR to a hearing or to an appeal or review if the Settlement Agreement is approved by the Hearing Panel. 5. RS and Global jointly recommend that the Hearing Panel accept this Settlement Agreement. B. AGREEMENT AS TO REQUIREMENTS CONTRAVENED 6. Global agrees that between October 6, 2005, and November 16, 2005, while acting as an underwriter for a private placement of securities for Jasper Mining Corporation, it entered twenty-five orders to buy shares of Jasper Mining on the TSX Venture Exchange for its non-client, inventory and client accounts on a solicited basis, contrary to UMIR 7.7. C. ADMITTED FACTS AND CONCLUSIONS 7. RS and Global agree with and rely upon the admitted facts and conclusions which are set out in the Statement of Allegations attached as Appendix A to this Settlement Agreement solely for the purpose of this Settlement. RS and Global further agree that this agreement of facts and conclusions is without prejudice to Global in any past, present or future civil proceedings. D. DISPOSITION 8. For the contraventions in paragraph 6 above, Global and RS agree to the following disposition: (a) A fine of $65, payable by Global to RS; and (b) Costs of $25, payable to RS. 2

6 9. If this Settlement Agreement is accepted by a Hearing Panel, Global agrees to pay the amount referred to in paragraph 8 within 30 days of such acceptance. E. PROCEDURES FOR ACCEPTANCE OF OFFER OF SETTLEMENT AND APPROVAL OF SETTLEMENT AGREEMENT 10. Global shall have until the close of business on November 19, 2007 to accept the Offer of Settlement and serve an executed copy thereof on RS. 11. This Settlement Agreement shall be presented to a Hearing Panel at a public hearing (the Approval Hearing ) held for the purpose of approving the Settlement Agreement, in accordance with the procedures described in UMIR Policy 10.8 in addition to any other procedures as may be agreed upon between the parties. Global acknowledges that RS shall notify the public and media of the Approval Hearing in such manner and by such media as RS sees fit. 12. Pursuant to Part 3.4 of UMIR Policy 10.8, the Hearing Panel may accept or reject this Settlement Agreement. 13. In the event the Settlement Agreement is accepted by a Hearing Panel, the matter becomes final, there can be no appeal or review of the matter, the disposition of the matter agreed upon in this Settlement Agreement will be included in the permanent record of RS in respect of Global, and RS will publish a summary of the Requirements contravened, the facts, and the disposition agreed upon in the Settlement Agreement. 14. In the event the Hearing Panel rejects the Settlement Agreement, RS may proceed with a hearing of the matter before a differently constituted Hearing Panel pursuant to Part 3.7 of UMIR Policy 10.8 and this Settlement Agreement may not be referred to without the consent of both parties. 3

7 F. OTHER MATTERS 15. Global agrees that, in the event it fails to comply with any of the terms of the Settlement Agreement, RS may enforce this settlement in any manner it deems appropriate and may, without limiting the generality of the foregoing, suspend Global access to marketplaces regulated by RS until RS determines that Global is in full compliance with all terms of the Settlement Agreement. 16. Global agrees that neither it, nor anyone on its behalf, will make a public statement inconsistent with this Settlement Agreement. IN WITNESS WHEREOF the parties have signed this Settlement Agreement as of the dates noted below. DATED at Vancouver, British Columbia on the 13th day of November, John Brighten Douglas R. Garrod Witness Signature Global Securities Corporation John Brighten Name of Witness Burrard St, Vancouver Address of Witness 4

8 DATED at Vancouver, British Columbia on the 29th day of November, Per: Chilwin Cheng Chilwin Cheng Chief Counsel and Acting Manager, Western Region Market Regulation Services Inc. This foregoing Settlement Agreement is hereby accepted this 29th day of November, 2007, by the following hearing panel constituted to review the terms thereof: Per: Alison Narod Panel Chair Per: Richard Thomas Per: David Pearson Panel Member Panel Member 5

9 IN THE MATTER OF THE UNIVERSAL MARKET INTEGRITY RULES AND IN THE MATTER OF GLOBAL SECURITIES CORPORATION OFFER OF SETTLEMENT Market Regulation Services Inc. Suite 2600, Box West Georgia St. Vancouver, B.C. V6B 4N8 Investigations and Enforcement Charles Corlett Enforcement Counsel Investigations and Enforcement Telephone: Facsimile:

10 APPENDIX A IN THE MATTER OF THE UNIVERSAL MARKET INTEGRITY RULES AND IN THE MATTER OF GLOBAL SECURITIES CORPORATION STATEMENT OF ALLEGATIONS I. REQUIREMENTS CONTRAVENED 1. Between October 6, 2005, and November 16, 2005, Global Securities Corporation, while acting as an underwriter for a private placement of securities for Jasper Mining Corporation, entered twenty-five orders to buy shares of Jasper Mining on the TSX Venture Exchange for its non-client, inventory and client accounts on a solicited basis, contrary to UMIR Schedule "A" sets out the text of the relevant Requirements. II. RELEVANT FACTS AND CONCLUSIONS Overview 3. UMIR 7.7 imposes trading restrictions on Participants involved in the distribution of securities, take-over bids, amalgamations and issuer bids. The purpose of UMIR 7.7 is to prescribe what is an acceptable activity and otherwise restrict trading activities to preclude manipulative conduct by persons with an interest in the outcome of the distribution of securities or other transactions. 1

11 Parties 4. Global Securities Corporation ( Global ) is a full service investment dealer, a member of the TSX Venture Exchange ( TSXV ), a Participating Organization of the TSX, and therefore a Participant under UMIR. Private Placement with Jasper Mining Corporation 5. Jasper Mining Corporation ( Jasper Mining ) is a company whose common shares are listed and traded on the TSXV. 6. On October 6, 2005 Jasper Mining and Global entered into an agreement in which Global agreed to act on a best efforts agency basis in the placement of 3,400,000 units of Jasper Mining at $0.45 per share and one-half of one common share purchase warrant, each whole warrant entitling the holder to purchase 1 common share at a price of $0.65 per share expiring 18 months from the closing date. This agreement was evident by a Term Sheet executed by Global and Jasper Mining (the Agency Agreement ). 7. Under the Agency Agreement, Jasper would pay Global a 9% commission on the total amount that Global raised and share purchase warrants equal to 10% of the total number of shares sold under the private placement, expiring 18 months from the closing date at a price of $0.65 per share. 8. On October 6, 2005, Jasper Mining issued a press release announcing the private placement. 9. On November 2, 2005, Jasper Mining announced that it had increased the number of units offered under the private placement, up to 4,450,000 units. Jasper Mining did not change the pricing of the units offered in the private placement or the commission and warrants to be received by Global. 2

12 10. Global prepared the Agency Agreement dated October 27, 2005 pertaining to the private placement. On November 15, 2005, Global and Jasper Mining executed the Agency Agreement formalizing the terms of the private placement and the agency relationship. 11. The private placement closed on November 16, Global received $180, in commission and 444,997 common share warrants at $0.65 per share, expiring May 16, Application of UMIR 13. Global, as Jasper Mining s agent in the private placement, was an underwriter, as that term is defined by the Securities Act, RSBC 1996, c. 418, s. 1(1), as amended ( Securities Act ). Jasper Mining relied on the accredited investor exemption in the Securities Act to distribute the offered securities. Therefore, the financing was a restricted private placement as defined by UMIR As defined by UMIR 1.1, Global was a dealer-restricted person between October 6, 2005, the date on which Global and Jasper Mining entered into the Agency Agreement, and November 16, 2005, the closing date of the private placement (referred to as the Restricted Period ). Contraventions of UMIR During the Restricted Period, Global entered twenty-five orders on the TSXV to buy shares of Jasper Mining, resulting in the execution of fortythree trades. Of these orders, eight were made for non-client accounts, one was made for an inventory account at Global, and the rest were made for client accounts on a solicited or discretionary basis, contrary to UMIR 7.7(1). 16. In total, twenty-five orders were filled for twenty-three accounts, including client, non-client, and inventory. All of the twenty-eight trades for client 3

13 accounts were executed at prices higher than the private placement price of $0.45. None of these clients participated in the private placement. 17. Schedule B provides further particulars of the contraventions of UMIR 7.7 by Global. Global s Watch List and Restricted List 18. Pursuant to Global s Trade Supervision Policy (the Trade Supervision Policy ), Global maintained a list of issuers about which the firm may have inside information (the Watch List ) and about which the firm can be presumed to have inside information (the Restricted List ). Global monitored the trading of securities of issuers on the Watch and Restricted Lists. 19. On October 4, 2005, Global added Jasper Mining to the Watch List. 20. Global s Compliance staff and management knew that solicited client trades and inventory trades of Jasper Mining were being executed and that the security was on the firm s Watch List. 21. In or around November 4, 2005, through a telephone conversation and written communication, RS advised Global that it was potentially violating UMIR In or around November 10, 2007, in response to RS concerns, Global s Chief Compliance Officer advised Global s President that RS had made inquiries about Global s trades in Jasper Mining during the private placement. 23. Global took no steps to restrict or more closely monitor trading in the shares of Jasper Mining while it was acting as underwriter in the private placement. 24. Global took the position that UMIR 7.7 did not apply in the circumstances. 4

14 III. SUMMARY 25. The purpose of UMIR 7.7 is to prohibit purchases of, or bids for, restricted securities in circumstances where there is heightened concern over the possibility of manipulation or the misuse of confidential information by those with an interest in the outcome of a distribution of securities or other transaction. 26. The UMIR 7.7 prohibitions on trading during certain securities transactions are intended to signal to the public that the capital markets are a level playing field. 27. By disregarding the application of UMIR 7.7 and repeatedly purchasing Jasper Mining shares for non-client, inventory and discretionary accounts, and for client accounts in circumstances where the client orders were solicited, Global did harm to the reputation of the marketplace and the public s perception of the capital markets. To: Global Securities Corporation c/o Douglas R. Garrod President PO Box Three Bentall Centre # Burrard Street Vancouver, British Columbia V7X 1C4 October 29, 2007 Market Regulation Services Inc. Suite 2600, Box West Georgia St. Vancouver, B.C. V6B 4N8 Investigations and Enforcement Telephone: Facsimile:

15 SCHEDULE A EXCERPTS FROM THE UNIVERSAL MARKET INTEGRITY RULES AND APPLICABLE SECURITIES LEGISLATION 1.1 Definitions "dealer-restricted person" means, in respect of a particular offered security: (a)... (c) a Participant that: (i) is an underwriter, as defined in applicable securities legislation, in a prospectus distribution or a restricted private placement, (ii) is participating, as agent but not as an underwriter, in a restricted private placement of securities and: (A) the number of securities to be issued under the restricted private placement would constitute more than 10% of the issued and outstanding offered securities, and (B) the Participant has been allotted or is otherwise entitled to sell more than 25% of the securities to be issued under the restricted private placement, (iii) has been appointed by an offeror to be the dealer-manager, manager or soliciting dealer or adviser in respect of a securities exchange takeover bid or issuer bid, or (iv) has been appointed by an issuer to be the soliciting dealer or adviser in respect of obtaining securityholder approval for an amalgamation, arrangement, capital reorganization or similar transaction that would result in the issuance of securities that would be a distribution exempt from prospectus requirements in accordance with applicable securities law, where, in each case, adviser means an adviser whose compensation depends on the outcome of the transaction; a partner, director, officer, employee or a person holding a similar position or acting in a similar capacity, of the Participant referred to in clause (a) or for a related entity of the Participant referred to in clause (b); offered security means all securities of the class of security that is, or will be upon issuance, a listed security or a quoted security and: (a) is offered pursuant to a prospectus distribution or a restricted private placement; 6

16 (b) (c) (d) is offered by an offeror in a securities exchange take-over bid in respect of which a take-over bid circular or similar document is required to be filed under securities legislation; is offered by an issuer in an issuer bid in respect of which an issuer bid circular or similar document is required to be filed under securities legislation; or would be issuable to a securityholder pursuant to an amalgamation, arrangement, capital reorganization or similar transaction in relation to which proxies are being solicited from securityholders that will receive the offered security in such circumstances that the issuance would be a distribution exempt from prospectus requirements in accordance with applicable securities legislation, provided that, if the security described in clauses (a) to (d) is a unit comprised of more than one type or class, each security comprising the unit shall be considered to be an offered security. Requirements means, collectively: (a) (b) (c) (d) (e) (f) these Rules; the Policies; the Trading Rules; the Marketplace Rules; any direction, order or decision of the Market Regulator or a Market Integrity Official; and securities legislation, as amended, supplemented and in effect from time to time. restricted period means, for a dealer-restricted person or an issuer-restricted person, the period: (a) in connection with a prospectus distribution or a restricted private placement of any offered security, commencing two trading days prior to the day the offering price of the offered security is determined and ending on the date the selling process has ended and all stabilization arrangements relating to the offered security are terminated provided that, if the person is a dealerrestricted person, the period shall commence on the date the Participant enters into an agreement or reaches an understanding to participate in the prospectus distribution or restricted private placement of securities, whether or not the terms and conditions of such participation have been agreed upon if that date is later; (b) in connection with a securities exchange take-over bid or issuer bid, commencing on the date of dissemination of the securities exchange take- 7

17 (c) over bid circular or issuer bid circular or similar document and ending with the termination of the period during which securities may be deposited under such bid, including any extension thereof, or the withdrawal of the bid; and in connection with an amalgamation, arrangement, capital reorganization or similar transaction, commencing on the date of dissemination of the information circular for such transaction and ending on the date for approval of the transaction by the securityholders that will receive the offered security or the termination of the transaction by the issuer or issuers. restricted private placement means a distribution of offered securities made pursuant to clause 72(1)(b) of the Securities Act (Ontario) or section 2.3 of Ontario Securities Commission Rule Exempt Distributions or similar provisions of applicable securities legislation. restricted security means: (a) (b) the offered security; or any connected security. 1.2 Interpretation (6) For the purposes of the definition of restricted period : (a) the selling process shall be considered to end: (i) in the case of a prospectus distribution, if a receipt has been issued for the final prospectus by the applicable securities regulatory authority and the Participant has allocated all of its portion of the securities to be distributed under the prospectus and all selling efforts have ceased, and (ii) in the case of a restricted private placement, the Participant has allocated all of its portion of the securities to be distributed under the offering; and (b) stabilization arrangements shall be considered to have terminated in the case of a syndicate of underwriters or agents when, in accordance with the syndication agreement, the lead underwriter or agent determines that the syndication agreement has been terminated such that any purchase or sale of a restricted security by a Participant after the time of termination is not subject to the stabilization arrangements or otherwise made jointly for the Participants that were party to the stabilization arrangements. 8

18 POLICY 1.2 INTERPRETATION Part 2 Meaning of selling process has ended The definition of restricted period, with respect to a prospectus distribution and a restricted private placement, refers to the end of the period as the date that the selling process ends and all stabilization arrangements relating to the offered security are terminated. Rule 1.2(6)(a) provides interpretation as to when the selling process is considered to end. As further clarification, the selling process is considered to end for a prospectus distribution when the receipt for the prospectus has been issued, the Participant has distributed all securities allocated to it and, is no longer stabilizing, all selling efforts have ceased and the syndicate is broken. Selling efforts have ceased when the Participant is no longer making efforts to sell, and there is no intention to exercise an over-allotment option other than to cover the syndicate s short position. If the Participant or syndicate subsequently exercises an over-allotment option in an amount that exceeds the syndicate short position, the selling efforts would not be considered to have ceased. Securities allocated to a Participant that are held and transferred to the inventory account of the Participant at the end of the distribution are considered distributed. Subsequent sales of such securities are secondary market transactions and should occur on a marketplace subject to any applicable exemptions (unless the subsequent sale transaction is a distribution by prospectus). To provide certainty around when the distribution has ended, appropriate steps should be taken to move the securities from the syndication account to the inventory account of the Participant. 7.7 Trading During Certain Securities Transactions (1) Prohibitions - Except as permitted, a dealer-restricted person shall not at any time during the restricted period: (a) bid for or purchase a restricted security for an account: (i) of a dealer-restricted person, or (ii) over which the dealer-restricted person exercises direction or control; or (b) attempt to induce or cause any person to purchase a restricted security. 9

19 POLICY 7.7 TRADING DURING CERTAIN SECURITIES TRANSACTIONS Part 1 Manipulative or Deceptive Activity Provisions prohibiting manipulative or deceptive activities, including activities that may create misleading pricing or trading activity that is detrimental to investors and the integrity of the markets, are contained in Rule 2.2. Rule 7.7 generally prohibits purchases of or bids for restricted securities in circumstances where there is heightened concern over the possibility of manipulation by those with an interest in the outcome of the distribution or transaction. Rule 7.7 also provides certain exemptions to permit purchases and bids in situations where there is no, or a very low possibility of manipulation. However, the Market Regulator is of the view that notwithstanding that certain trading activities are permitted under Rule 7.7, these activities continue to be subject to the general provisions relating to manipulative or deceptive activities in Rule 2.2 and the provisions on manipulation and fraud found in applicable securities legislation such that any activities carried out in accordance with Rule 7.7 must still meet the spirit of the general anti-manipulation provisions. British Columbia Securities Act, RSBC 1996, c. 418, s. 1(1): "underwriter" means a person who, (a) as principal, agrees to purchase a security for the purpose of distribution, (b) as agent, offers for sale or sells a security in connection with a distribution, or (c) participates directly or indirectly in a distribution described in paragraph (a) or (b), but does not include (d) a person whose interest in the transaction is limited to receiving the usual and customary distribution or sales commission payable by an underwriter or issuer, (e) a mutual fund that accepts its securities for surrender and resells them, (f) a corporation that purchases shares of its own issue and resells them, or (g) a bank with respect to securities described in section 46 and to prescribed banking transactions; 10

20 National Instrument Prospectus and Registration Exemptions (NI ) PART 2: PROSPECTUS AND REGISTRATION EXEMPTIONS Division 1: Capital Raising Exemptions Accredited investor 2.3 (1) The dealer registration requirement does not apply in respect of a trade in a security if the purchaser purchases the security as principal and is an accredited investor. (2) The prospectus requirement does not apply to a distribution of a security in the circumstances referred to in subsection (1). Note: NI came into force on September 14, 2005 and repealed Multilateral Instrument Capital Raising Exemptions, B.C. Reg. 225/2003 (MI ). Part 5.1 (Accredited investor exemption) of MI was the equivalent applicable securities legislation in British Columbia to section 2.3 (Exemption for a Trade to an Accredited Investor) of Ontario Securities Commission Rule Exempt Distributions. NI includes the following transitional provision: Transition - MI /MI / OSC Rule (1) In this section, MI means Multilateral Instrument Capital Raising Exemptions that came into force on June 6, 2003; MI means Multilateral Instrument Trades to Employees, Senior Officers, Directors and Consultants that came into force on August 15, 2003; 2004 OSC Rule means the Ontario Securities Commission Rule Exempt Distributions that came into force on January 12, (2) The dealer registration requirement or the prospectus requirement does not apply in respect of a trade in a security if the trade complies with and is completed in accordance with the requirements of MI , MI , or 2004 OSC Rule by November 30,

21 SCHEDULE B FURTHER PARTICULARS OF THE UMIR CONTRAVENTIONS ORDER # DATE ACCOUNT TYPE QUANTITY PURCHASED PRICE Trader MARKER 1 October 14, 2005 CLIENT 2, A SOLICITED 2 October 14, 2005 CLIENT 13, B SOLICITED 3 October 19, 2005 CLIENT 8, A SOLICITED October 24, 2005 CLIENT 9, A DISCRETION 11, October 24, 2005 NON-CLIENT 25, A NON-CLIENT 6 October 25, 2005 INVENTORY 10, C INVENTORY 7 October 26, 2005 CLIENT 5, A SOLICITED 5, October 26, 2005 CLIENT 10, A SOLICITED 9 October 28, 2005 CLIENT 1, A SOLICITED 8, October 28, 2005 CLIENT 2, A SOLICITED 3, October 28, 2005 CLIENT 5, A SOLICITED 12 October 28, 2005 CLIENT 11, A SOLICITED 5, October 31, 2005 NON-CLIENT 12, A NON-CLIENT 14 October 31, 2005 CLIENT 20, A SOLICITED 15 November 2, 2005 CLIENT 3, A DISCRETION 10, November 3, , November 4, 2005 NON-CLIENT 3, A NON-CLIENT 5, , November 4, 2005 CLIENT 10, A SOLICITED 18 November 7, 2005 CLIENT 1, D SOLICITED November 8, 2005 CLIENT 10, A SOLICITED 20 November 9, 2005 CLIENT 3, A SOLICITED 2, , November 9, 2005 NON-CLIENT E NON-CLIENT 1, November 9, 2005 NON-CLIENT 5, F NON-CLIENT 23 November 9, 2005 NON-CLIENT 2, G NON-CLIENT 3, , , November 10, 2005 NON-CLIENT 5, E NON-CLIENT 25 November 11, 2005 NON-CLIENT 5, E NON-CLIENT 12

22