News Release
Commission settles with mutual fund dealer for unregistered trades
-
Date:
2002-06-20 -
Number:
2002/40
Vancouver – A Manitoba mutual fund dealer has paid the British Columbia Securities Commission $55,000 for trading in mutual funds without being registered in B.C.
Summit Aurum Financial Group Inc. garnered over $30,000 in net trading commissions for trading mutual funds for at least 169 B.C. clients between Jan. 1, 2000 and June 30, 2001.
In the settlement, Summit also admitted that it failed to apply prudent business procedures to ensure that its employees:
· were registered as required under the Act, and
· did not open new accounts and conduct transactions for B.C. clients.
Under Canadian securities regulations, anyone trading securities or advising clients about securities must be registered (licensed) with securities regulators in the province or territory where the trading or advising occurs.
The B.C. Securities Commission is the independent provincial government agency responsible for regulating trading in securities and exchange contracts within the province. Copies of the settlement can be viewed in the documents database of the commission’s website www.bcsc.bc.ca or by contacting Andrew Poon, Media Relations, 604-899-6880.