The British Columbia Securities Commission’s Executive Director has imposed a CAD 12,000 administrative penalty on Fulcra Asset Management Inc. for failing to comply with regulatory requirements when it changed its auditor. Fulcra, a portfolio manager, investment fund manager and exempt market dealer, changed its auditor in February 2025 but did not notify the BCSC within 30 days and did not provide a copy of its direction to the new auditor to conduct any required audits within 10 days. The firm’s internal manual also did not address these notification requirements, leading to inadequate policies and procedures for compliance. The conduct breached three sections of National Instrument 31-103 Registration Requirements, Exemptions and Ongoing Registrant Obligations; the Executive Director noted Fulcra had previously received a warning and this was the third late filing of an auditor-change notice, with no evidence of investor harm or related financial risks.
British Columbia Securities Commission 2026-02-20
British Columbia Securities Commission imposes CAD 12,000 penalty on Fulcra Asset Management for late change-of-auditor notifications
The British Columbia Securities Commission imposed a CAD 12,000 penalty on Fulcra Asset Management Inc. for failing to comply with auditor change notification requirements. Fulcra breached three sections of National Instrument 31-103, marking its third late filing despite prior warnings. No investor harm or financial risks were identified.