B.C. Securities Commission imposes first no-hearing penalty against company

  • 📰 PGCitizen
  • ⏱ Reading Time:
  • 23 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 12%
  • Publisher: 51%

Business News News

Business Business Latest News,Business Business Headlines

The B.C. Securities Commission says it has processed the first penalty without a hearing against a company for a minor violation in order to speed up compliance in the investment market.

The B.C. Securities Commission has levied a $12,000 administrative fine against investment fund manager Capstone Asset Management Inc. without a hearing — a first-of-its-kind enforcement mechanism.

In this case, Langley-based Capstone held $480 million in assets but just $4.8 million in insurance. The minimum required insurance is one per cent of the fund, plus a dollar. Commission executive director Peter Brady said a $12,000 penalty was appropriate for the two violations combined. Because the firm did not dispute the finding and paid the penalty, a public notice was issued, per the legislation that came into effect in 2020.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 65. in BUSİNESS

Business Business Latest News, Business Business Headlines