On November 5, 2020, a panel of the British Columbia Securities
Commission (the BCSC Panel) dismissed Earle Douglas Pasquill's
application (the Applicant) under section 171 of the Securities
Act, RSBC 1996, c.418 (the Act) to remove a preservation order
(the Preservation Order).The Preservation Order concerns property
held by the Applicant in two registered life income accounts (the
Accounts) at a Canadian wealth management firm, and has the effect
of preventing the Applicant from withdrawing or transferring funds
from the Accounts.
The Applicant contended that the Preservation Order violated
BC's Pension Benefits Standards Act (the PBSA) and
BC's Court Order Enforcement Act (the COEA), as those
laws exempt registered accounts from enforcement actions. The BCSC
Panel rejected the Applicant's submission, holding that a
preservation order does not amount to an enforcement action –
it simply maintains the status quo. Although the PBSA exempts
registered accounts from
