Settlements

BONAVISTA ASSET MANAGEMENT LTD. [Agreed Stmt]

BCSECCOM #:
Document Type:
Agreed Stmt
Published Date:
1997-08-01
Effective Date:
1997-07-28
Details:


IN THE MATTER OF THE SECURITIES ACT
R.S.B.C. 1996, c. 418

AND

IN THE MATTER OF BONAVISTA ASSET MANAGEMENT LTD.

AND

IN THE MATTER OF TERESA BACINELLO


Agreed Statement of Facts and Undertaking

The following agreement has been reached between BonaVista Asset Management Ltd. (“BonaVista”), Teresa Bacinello (“Bacinello”) and the Executive Director:

1. As a basis for the undertakings referred to in sections 3 and 4 of this agreement, BonaVista acknowledges the following:
      (a) BonaVista, formerly Confed Investment Counselling Limited, is a corporation incorporated under the laws of Canada on February 20, 1974;

      (b) BonaVista was registered under the Securities Act, R.S.B.C. 1996, c. 418, formerly R.B.C. 1985, c. 83, from February 13, 1984 until April 30, 1997 as a portfolio manager;

      (c) on or about March 10, 1997, staff of the British Columbia Securities Commission (“Commission”) mailed a “Uniform Application for Renewal of Registration” and other documents to BonaVista;

      (d) the “Uniform Application for Renewal of Registration” noted that BonaVista’s registration was due for renewal on April 30, 1997;

      (e) on or about one week prior to the April 30, 1997 expiry date and on April 29, 1997, Commission staff telephoned BonaVista with regard to its registration and, on the latter date, were advised by BonaVista’s receptionist or another individual at BonaVista that BonaVista would not be renewing its registration;

      (f) on May 1, 1997, Carl Lytollis sent a facsimile to the Commission on behalf of BonaVista to confirm that registration of BonaVista and three individuals, including Bacinello, would not be renewed under the Act;

      (g) on May 7, 1997, Commission staff wrote Mr. Lytollis requesting, among other documents, a confirmation from BonaVista’s auditors that all affairs and accounts of BonaVista’s clients had been settled;

      (h) Commission staff sent a “follow up” letter to BonaVista on June 5, 1997;

      (i) on June 9, 1997, Mr. Lytollis telephoned Commission staff to advise that BonaVista required registration, indicating that his previous correspondence with the Commission on May 1, 1997 was made in error;

      (j) on June 10, 1997 BonaVista forwarded a renewal application along with the appropriate fee;

      (k) on June 12, 1997 BonaVista’s registration as a portfolio manager was reinstated under the Act; and

      (l) during the period from May 1, 1997 until June 11, 1997, inclusive, BonaVista acted as an adviser in British Columbia, namely as a portfolio manager, without registration contrary to section 34(c)(i) of the Act.

2. As a basis for the undertaking referred to in section 5 of this agreement, Bacinello acknowledges the following:
      (a) Bacinello is employed by BonaVista;

      (b) Bacinello was registered under the Act from May 13, 1987 until April 30, 1997 as an advising partner, director or officer;

      (c) Bacinello is the individual designated by BonaVista under section 65 of the Securities Rules, R.B.C. Reg.194/97; formerly B.C. Reg. 479/95, to ensure compliance with the Act and the regulations, including the Rules, by BonaVista, its partners, directors, officers and other employees;

      (d) on or about March 10, 1997, Commission staff mailed a “Uniform Application for Renewal of Registration” and other documents to Bacinello;

      (e) on June 12, 1997, Bacinello’s registration as an advising partner, director or officer was reinstated under the Act; and

      (f) during the period from May 1, 1997 until June 11, 1997, inclusive, Bacinello acted as an adviser in British Columbia, namely as an advising partner, director or officer, without registration contrary to section 34(c)(ii) of the Act.

3. BonaVista undertakes to pay the sum of $1,000 to the Commission on the execution of this agreement.

4. BonaVista undertakes not to act as an adviser in British Columbia without registration under the Act and the regulations, including the Rules.

5. Bacinello undertakes not to act as an adviser in British Columbia without registration under the Act and the regulations, including the Rules.

6. BonaVista waives any right it may have, under the Act or otherwise, to a hearing, hearing and review, judicial review or appeal relating to, in connection with or incidental to this agreement.

7. Bacinello waives any right she may have, under the Act or otherwise, to a hearing, hearing and review, judicial review or appeal relating to, in connection with or incidental to this agreement.



DATED at , British Columbia, on July , 1997.


            BONAVISTA ASSET MANAGEMENT LTD.
per: _____________________________________________
    Teresa Bacinello



                    TERESA BACINELLO.
    ____________________________________________
    Teresa Bacinello




DATED at Vancouver, British Columbia, on July 28, 1997.





Paul C. Bourque
Executive Director
©2024 British Columbia Securities Commission