Vancouver – 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.
From May 2018 to now, Nelson Scott Blair was Senior Portfolio Manager and Head of Research, then Chief Investment Officer at CWB Wealth Management Ltd.
During that time, 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 also 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, who was registered under the Securities Act from 2004 to 2005, was not registered while performing these duties.
When he applied for registration as a portfolio manager in October 2021, the BCSC notified him that he was offering services requiring registration. He stopped conducting business that required registration when told to by the Commission in March 2022. 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.
About the British Columbia Securities Commission (www.bcsc.bc.ca)
The British Columbia Securities Commission is the independent provincial government agency responsible for regulating capital markets in British Columbia through the administration of the Securities Act. Our mission is to protect and promote the public interest by fostering:
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