News Release
BCSC penalizes firm for breaching change-of-auditor requirements
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Date:
2026-02-20 -
Number:
2026/010
Vancouver – The Executive Director of the BC Securities Commission (BCSC) has imposed a $12,000 administrative penalty on a Vancouver-based firm for failing to comply with change of auditor requirements.
Fulcra Asset Management Inc. is a portfolio manager, investment fund manager and exempt market dealer. In February 2025, Fulcra changed its auditor but failed to notify the BCSC within 30 days as required. Fulcra also failed to send the BCSC a copy of its direction to the new auditor to conduct any required audits within 10 days of the change, which is likewise required.
In addition, the firm’s internal manual didn’t address the notification requirements for changing auditors, which meant it failed to have adequate policies and procedures in place to ensure it complies with securities legislation.
As a result of those failures, Fulcra violated three sections of National Instrument 31-103 Registration Requirements, Exemptions and Ongoing Registrant Obligations.
Fulcra had previously received a warning for a contravention from the BCSC and this was the third time that it was late filing a notice of an auditor change. There was no evidence of financial or other risks at the firm or investor harm arising from the firm’s contraventions.
The executive director considered Fulcra’s submissions about why the penalty should be lowered, ultimately determining that a $12,000 penalty was in the public interest.
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:
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