CWM Investment Counsel Inc., an Alberta-based investment firm, agreed today to pay $92,575 for giving investment advice without being registered.

CWM admitted in a settlement agreement with the British Columbia Securities Commission (BCSC) that it had provided investment advice to B.C. investors without registration under the Securities Act.

According to the agreement, CWM will pay a $63,000 fine and $29,575 for registration fees that would have been payable to the BCSC if the company had been registered in the province.

CWM provided investment advice to as many as 20 clients from July 1991 to January 20, 2008, said BCSC today, all of whom became clients with the firm prior to moving to B.C. The firm registered in B.C. as an investment counsel and portfolio manager on January 21, 2008.

Also today, The BCSC settled with an investment firm that has agreed to pay $16,250 after admitting to advising investors without proper registration.

MacDougall Investment Counsel Inc., a firm that holds registration in Quebec and Ontario, admitted in a settlement agreement with the BCSC that it provided investment advice to B.C. investors without registration under the Securities Act.

The firm admitted to providing investment advice to as many as nine clients between March 2004 and Sept. 23, 2007. During this period, the company did not hold registration in B.C.

MacDougall registered as a portfolio manager and investment counsel in B.C. on Sept. 24, 2007.

Under the settlement agreement, MacDougall agreed to pay $16,250, which includes $8,750 representing registration fees that would have otherwise been payable to the commission.