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ARTICLE · 06 JUNE 2023

BCSC Annual Report Card Illuminates Issues With Conflicts

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The British Columbia Securities Commission (BCSC) released its Annual Compliance Report Card (Report Card) on May 25th summarizing the findings from its 2022 compliance program review of B.C.

CanadaCorporate/Commercial Law
AUM Law
AUM Law
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1. BCSC Annual Report Card Illuminates Issues with Conflicts

The British Columbia Securities Commission (BCSC) released its Annual Compliance Report Card (Report Card) on May 25th summarizing the findings from its 2022 compliance program review of B.C. based portfolio managers, investment fund managers, and exempt market dealers. They conducted 27 reviews, of which 17 were part of the CSA Client Focused Reforms – Conflicts of Interest sweep. Our summary below focuses on the compliance deficiencies relating to conflicts of interest (COI).

1. Top Conflict of Interest Deficiencies

The top COI deficiencies found by staff at the BCSC related to referral arrangements, compensation practices and gifting. In each situation, the conflict created an incentive for the registrant (firm or individual) to put their interest ahead of their clients' interests and therefore the conflict was almost always material.

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