The British Columbia Securities Commission has disciplined a Toronto-based investment management firm for breaching the provinces’s registration requirements.

Martin, Lucas & Seagram Ltd., an investment counsel and portfolio manager headquartered in Toronto, has reached a settlement with the BCSC after it admitted to advising as many as nine B.C. clients over a period spanning almost 45 years without being registered to do so in B.C.

Under the settlement, the firm must pay $135,695 to the BCSC, a sum that includes registration fees that it would have had to pay to properly operate in B.C.

On March 24, the firm registered under the as a portfolio manager and investment counsel in B.C.