With reference to the Securities & Exchange Commission’s decision of the 21 January 2002 to impose an administrative penalty on Louis Cruise Lines Ltd. (LCL) due to an alleged breach of Regulation 81(1), paragraph 9 of section VI of CSE regulations 1995-2001, the company announced the following:
LCL disagrees with the decision of the SEC. The said regulation stipulates the following:
“An issuer that also has titles listed on foreign stock exchanges, must ensure the timely announcement of information to all stock exchanges on which it is listed”
LCL, the issuer, has its titles listed only on the CSE and not on any other foreign stock exchanges.
The matter which the SEC examined concerned the announcement which Royal Olympic Cruise Lines Inc. (ROC) made to the NASDAQ and not LCL. Even though LCL is not obliged to do so, it published a relevant announcement a few days later.
In view of the above, LCL has requested the SEC to review and revoke its decision for imposition of an administrative fine on the company.
LCL disagrees with the decision of the SEC. The said regulation stipulates the following:
“An issuer that also has titles listed on foreign stock exchanges, must ensure the timely announcement of information to all stock exchanges on which it is listed”
LCL, the issuer, has its titles listed only on the CSE and not on any other foreign stock exchanges.
The matter which the SEC examined concerned the announcement which Royal Olympic Cruise Lines Inc. (ROC) made to the NASDAQ and not LCL. Even though LCL is not obliged to do so, it published a relevant announcement a few days later.
In view of the above, LCL has requested the SEC to review and revoke its decision for imposition of an administrative fine on the company.