News Release

Vancouver – A B.C.-based corporation has paid $30,000 to the BC Securities Commission (BCSC) for facilitating trades of more than $6 million worth of investments without being registered.

The corporation, Kazana Financial Inc. (formerly Kazana Capital Corp.), is the administrator of Kazana Mutual Fund Trust (MFT), a limited purpose issuer that allows investors to invest directly in mortgages and real estate. Kazana facilitated the distribution of MFT units to 166 investors from 2021 to 2023,. At the time, Kazana was not registered under B.C.’s Securities Act to perform that activity, nor did it qualify for an exemption from the requirement.

Kazana’s management had previously sought legal advice which led it to believe that registration was not required. Following further legal advice, Kazana became registered as an exempt market dealer, without prompting by BCSC staff. 

There is no evidence that any investors were harmed or lost any money from the misconduct. Kazana, which has no prior history of securities misconduct, fully cooperated with the BCSC’s investigation in accordance with BC Notice 15-701, Credit for Cooperation in Enforcement Matters. The corporation also admitted to its wrongdoing.

About the BC Securities Commission (bcsc.bc.ca)

The BC Securities Commission, an independent provincial government agency, strives to make the investment market benefit the public. We set rules, monitor compliance by industry, take action against misconduct, and provide guidance to investors and industry. As guardians of B.C.’s investment market, we’re committed to maintaining a market that is honest, fair, competitive and dynamic, enabling British Columbians to thrive.  

Media Contact:
Elise Palmer
604-899-6830

Public inquiries:
604-899-6854 or 1-800-373-6393 (toll free)
inquiries@bcsc.bc.ca

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