News Release
BCSC reprimands investment management firm
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Date:
2004-12-20 -
Number:
2004/56
Vancouver – The British Columbia Securities Commission disciplined a Montreal-based investment management firm for breaching the registration requirement of the Securities Act.
Jarislowsky, Fraser Limited, an investment counsel and portfolio manager with offices in Montreal, Toronto and Calgary, has reached a settlement with the BCSC after it admitted to advising as many as 43 B.C. clients over 13 years without being registered to do so in B.C. Under the settlement, the firm must pay $235,850 to the BCSC, a sum that includes registration fees that it would have had to pay to operate in B.C. had it been properly registered along with $5,000 towards the costs of the investigation.
On Aug. 18, 2004, the firm registered under the Act as a portfolio manager and investment counsel in B.C.
The B.C. Securities Commission is an independent provincial government agency responsible for regulating trading in securities within the province. You may view the settlement on our website www.bcsc.bc.ca by typing in the search box, Jarislowsky, Fraser Limited or 2004 BCSECCOM 719. If you have questions, contact Andrew Poon, Media Relations, 604-899-6880.