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.
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