The B.C. Securities Commission (BCSC) and U.S. Securities and Exchange Commission (SEC) are heading in opposite directions when it comes to their respective administrative powers.
This month for the first time, the BCSC used a new enforcement tool to fine a Langley asset manager $12,000.
Capstone Asset Management Inc. agreed to the fine without a hearing after BCSC executive director Peter Brady determined the firm’s level of insurance was inadequate.
The commission was granted the ability to fine market participants without a hearing in 2020, as part of sweeping reforms aimed to hasten the regulatory process as well as collect on unpaid penalties.
“The purpose of ‘administrative penalties imposed by
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