18.10.2021 18:30

Kelowna portfolio manager pays $55,700 for inadequate controls and supervision

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VANCOUVER, BC, Oct. 18, 2021 /CNW/ - A British Columbia Securities Commission (BCSC) examination revealed that a Kelowna portfolio manager had inadequate compliance systems, record-keeping, and financial reporting.

Under a settlement agreement with the BCSC, Kilburn Ogilvie Waymann Investment Management Ltd. (KOWIM) has paid $55,700 to the Commission for not managing business-associated risks and not providing reasonable assurance that it complied with securities legislation.

During a compliance field examination in 2019, BCSC staff found that the firm:

  • did not maintain records capable of generating certain account activity reports
  • made unsubstantiated marketing claims on its website about the benefits of investing through a portfolio manager
  • failed to ensure it was registered in each province where it had clients
  • paid client management fees it earned to an unregistered holding company
  • inaccurately calculated its excess working capital, and
  • delivered deficient audited financial statements and a deficient auditor's opinion to the BCSC as part of its required filings.

Its Chief Compliance Officer also failed to adequately perform his responsibilities.

Due to the significant compliance deficiencies, KOWIM failed to meet the requirements of National Instrument 31-103, Registration Requirements, Exemptions and Ongoing Registrant Obligations.

The firm, which is also registered as portfolio manager in Ontario, Manitoba and Alberta, admitted to the misconduct after receiving the examination report. Despite the deficiencies, which have since been corrected, there is no evidence that any clients were harmed.

As part of the firm's settlement agreement with the BCSC, it must retain an independent compliance consultant for two years and submit its next two annual Chief Compliance Officer reports to the BCSC.

This is the second time the BCSC has found deficiencies at KOWIM. In 2012, the firm admitted that it failed to establish and maintain an adequate compliance system, and failed to maintain a minimum level of regulatory capital.

About the British Columbia Securities Commission (www.bcsc.bc.ca)

The British Columbia Securities Commission is the independent provincial government agency responsible for regulating capital markets in British Columbia through the administration of the Securities Act. Our mission is to protect and promote the public interest by fostering:

  • A securities market that is fair and warrants public confidence
  • A dynamic and competitive securities industry that provides investment opportunities and access to capital

Learn how to protect yourself and become a more informed investor at www.investright.org

SOURCE British Columbia Securities Commission

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