BCCA Upholds Use Of Retroactive Enforcement Tools Under The Securities Act

In Pasquill v. British Columbia (Securities Commission), the Court of Appeal for British Columbia (BCCA) confirmed that the British Columbia Securities Commission could amend its pleadings to rely on retroactive statutory collection remedies introduced in 2020, without being barred by the six-year limitation period in subsection 159(1) of the British Columbia Securities Act (the Act).

This decision confirms the scope of the Commission's enhanced collection powers under Part 18.1 of the Act and clarifies that amendments grounded in the same factual matrix as earlier claims will not be treated as "new causes of action" for limitation purposes.

Background

In 2015, the Commission ordered Earle Pasquill to pay C$36.7-million in respect of a fraudulent scheme, including C$21.7-million in disgorgement under paragraph 161(1)(g) of the Act. Nearly the entire debt remains unpaid.