After launching last November, the Save Canadian Mining initiative has reached a critical stage.
Founder Terry Lynch said Ontario's Capital Markets Modernization Taskforce is working to update the Ontario Securities Act, and recently released a report covering key issues and proposals.
"There's a lot of good things (in the report). They specifically targeted predatory short selling, which is one of the things we've talked about," said Lynch. "They haven't yet endorsed the reinstatement of the tick test - that's still on the table with them."
Eric Sprott of Sprott Mining is one of Save Canadian Mining's major supporters, and he shares Lynch's frustration with the tick test.
"The regulators should really think hard about this - there's no need for these algorithmic traders and guys flipping for pennies. It's not creating any liquidity, it's stealing from the Canadian investor every day. That's the bottom line," he commented.
Eric Sprott has more than 40 years of experience in the investment industry. In 1981, he founded Sprott Securities (now called Cormark Securities Inc.), which today is one of Canada's largest independently owned securities firms. In 2001, Eric established Sprott Asset Management Inc. Over the years, Eric has personally been the recipient of numerous awards and honors, including one of Investor Digest's Canada's Best Investors (2004); Ernst & Young's Entrepreneur of the Year (2006); Investment Executive's Fund Manager of the Year (2007); Advisor.ca's Top Financial Visionary (2011); Terrapinn's Most Influential Hedge Fund Manager (2012); and the 2012 Murray Pezim Award for Perseverance and Success in Financing Mineral Exploration (2013).