The British Columbia Securities Commission (BCSC) has released its 2017 Compliance Report Card, which summarizes its findings from reviews of B.C.-based portfolio managers, investment fund managers, and exempt market dealers over the last fiscal year.
The report noted that in the 26 compliance reviews conducted last year, 171 total compliance deficiencies were found, averaging 6.58 deficiencies per review. The top areas for deficiencies were: client statements and reporting; registration administration; know-your-client and suitability; policies and procedures; disclosures and advertising, marketing, and holding out.
Top deficiency areas
"We will continue to focus our compliance reviews on these top deficiency areas for the year ahead," said Mark Wang, Director of Capital Markets Regulation at the BCSC. "We recommend that CCOs review this report card, as well as ongoing guidance from CSA Staff Notices, to ensure their compliance programs meet regulatory requirements and to reduce the likelihood of adverse findings in a BCSC compliance review."