2008 BCSECCOM 427

Background

The Order

1. under section 161(1)(a) of the Securities Act, RSBC 1996, c. 418, IA Clarington will comply fully with the Act, the Securities Rules, B.C. Reg. 194/97, and any applicable regulations; and

2. under section 161(1)(j) of the Act, IA Clarington be reprimanded.

“Brenda Leong”

Executive Director

Agreed Statement of Facts
1. IA Clarington is, and was from October 15, 1991, registered as an unrestricted practice advisor in the province of Quebec.

2. IA Clarington was not registered in any capacity under the Securities Act, RSBC 1996, c. 418 until December 6, 2007, when it became registered as a portfolio manager and investment counsel.

3. From December 2002 to December 5, 2007, IA Clarington provided investment advice to three clients who were BC residents.

4. By advising BC residents without being registered to do so, IA Clarington breached section 34 of the Act.

Mitigating Factors
5. Staff of the Commission are not aware of any complaints having been made by IA Clarington’s BC resident clients.

6. IA Clarington does not have a previous regulatory history with the Commission.

7. IA Clarington voluntarily initiated registration with the Commission and actively cooperated with staff of the Commission during the course of the investigation of this matter.

8. IA Clarington did not solicit potential new clients in BC.

Public Interest
9. IA Clarington acted contrary to the public interest by engaging in the conduct set out above.

Undertaking
10. IA Clarington will pay $13,575 to the Commission, which is due and payable immediately without further demand. This includes $8,575 in respect of registration fees that otherwise would have been payable to the Commission if IA Clarington had been registered under the Act as required.

Order

1. under section 161(1)(a) of the Act, IA Clarington will comply fully with the Act, the Securities Rules, B.C. Reg. 194/97, and any applicable regulations; and

2. under section 161(1)(j) of the Act, IA Clarington be reprimanded.

Consent to Reciprocal Orders

Waiver

Counterpart

IA Clarington Investments Inc.
(Signing Authority)

Kimberly Jativa, VP Operations
Print Signing Authority Name

“Matthew Campbell” )
Witness Signature )
Matthew Campbell )
Witness Name (please print) )
)
522 University Avenue, Suite 700 )
Toronto, Ontario )
Address )
)
Lawyer )
Occupation )

IA Clarington Investments Inc.
(Signing Authority)

Nancy Cappedocic, CFO
Print Signing Authority Name

“Matthew Campbell” )
Witness Signature )
Matthew Campbell )
Witness Name (please print) )
)
522 University Avenue, Suite 700 )
Toronto, Ontario )
Address )
)
Lawyer )
Occupation )

Executive Director