IN THE MATTER OF THE SECURITIES ACT,
R.S.O. 1990, c. S.5, AS AMENDED
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IN THE MATTER OF THE REGISTRATION OF
- At all material times, Paul Wenden (Wenden) was registered under the Securities Act, R.S.O. 1990, c. S.5, as amended (the Act) as a mutual fund dealing representative. Wenden’s registration is sponsored by PFSL Investments Canada Ltd. (PFSL).
- Wenden resides in Alberta, and his principal regulator is the Alberta Securities Commission (the ASC). Wenden is also registered in Saskatchewan, Manitoba and Ontario.
- On August 14, 2019, the ASC wrote to PFSL to inform them that ASC Staff was recommending that terms and conditions be imposed on Wenden’s registration subjecting him to strict supervision. The recommendation was made in response to a financial disclosure change filed for Wenden indicating that he was subject to a requirement to pay from the Canada Revenue Agency, which included substantial fees and late charges. Wenden consented to the recommended terms and conditions, and they became effective on August 26, 2019.
- Pursuant to Multilateral Instrument 11-102 Passport System, the terms and conditions automatically took effect in Manitoba and Saskatchewan. They did not, however, automatically take effect in Ontario.
- On September 11, 2019, staff of the Ontario Securities Commission (Staff) sent Wenden a letter informing him that they were recommending to the Director that his registration under the Act be subject to the same terms and conditions as his registration in Alberta, on the grounds that Staff wished to ensure that Wenden’s activities with respect to his Ontario clients would also be appropriately supervised given ASC staff’s concerns regarding his solvency. Additionally, Staff was of the view that it would be objectionable for Wenden to be registered without any terms and conditions in Ontario while his registration in Alberta, Saskatchewan and Manitoba is subject to strict supervision. The letter also informed Wenden of his right to request an opportunity to be heard under section 31 of the Act if he wished to oppose Staff’s recommendation.
- Wenden has provided written confirmation to Staff that he consents to the terms and conditions on his registration, and accordingly terms and conditions have been imposed on his Ontario registration effective September 24, 2019.
- The terms and conditions shall remain in effect until the terms and conditions imposed by the ASC have been removed.
Compliance and Registrant Regulation
October 1, 2019