A Victoria man who held senior roles at a private wealth management firm must pay $30,000 in a settlement with the British Columbia Securities Commission (BCSC), for advising in securities without being registered.
Between May 2018 and the present Nelson Scott Blair served as senior portfolio manager and head of research, then chief investment officer for CWB Wealth Management Ltd., according to a BCSC statement.
During that time, the statement reads, Blair was in the business of advising because “he held himself out as a portfolio manager.” His duties included managing and selecting individual securities for the firm’s Canadian Equity Portfolio, overseeing research analysts and the firm’s investment processes, and chairing its investment committee.
As chief investment officer, he developed and administered CWB’s investment philosophy and asset allocation strategy, oversaw investment teams and mandates of the firm’s funds and client model portfolios, disseminated investment strategy to portfolio managers, and assisted in client meetings to discuss strategy and direction.
Blair was not registered while performing these duties, though he was previously registered under the Securities Act from 2004 to 2005.
When he applied for registration as a portfolio manager in October 2021, the BCSC notified him he was offering services that require registration. A BCSC spokesperson told Black Press Media that Blair has not conducted such business activities since March when it ordered him to stop doing so. He does, however, have an application for registration currently being considered by the commission.
BCSC clarified that the payment is not considered a punishment, fine, or penalty, “it is simply a payment, and is intended to deter further misconduct.”
Blair has no other history of securities misconduct.
Securities industry professionals must register with the regulator in each province or territory where they conduct business. Registration ensures firms and individuals are qualified and imposes requirements on how they treat clients.
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