Case card

Applicant 35 (Re), 2025 BCSRE 136

A brokerage with no transactions still had to file a nil return, while reconsideration later cancelled the notice against its managing broker.

Source reviewed · Court holding

Held. A brokerage with no transactions still had to file a nil return, while reconsideration later cancelled the notice against its managing broker.

BCFSA issued a $1,000 penalty notice when Applicant 35's brokerage failed to submit its 2025 data call through IRIS, although it had no transactions to report. In the later reconsideration decision, Applicant 35 (Re), 2025 BCSRE 147, the hearing officer confirmed the $1,000 brokerage penalty but cancelled the notice against the managing broker because Rule 93.1 imposed the reporting duty on brokerages, not managing brokers personally.

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Source and further context BC Financial Services Authority, original public redacted regulatory notice ↗

Intelligence Law publishes commentary and information, not individualized legal advice. Legal rules and court procedure vary by jurisdiction and circumstances.

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