Editor’s Note: Wealth Stewards Portfolio Management Inc.(WSPMi) is not affiliated with Toronto-based Wealth Stewards Inc. (WSI) nor WSI’s portfolio management subsidiary Portfolio Stewards Inc.
The Ontario Securities Commission (OSC) has stayed the registration suspension that it imposed Wealth Stewards Portfolio Management Inc. (WSPMi), pending a review of the decision.
The OSC said Tuesday it has stayed an indefinite suspension that it ordered against WSPMi back on June 13 amid concerns about its compliance systems. At the time, the OSC also suspended the registration of the firm’s ultimate designated person (UDP) and chief compliance officer (CCO), Sushila Lucas, for three years; among other measures. (See Investment Executive, OSC issues alert on Wealth Stewards Portfolio Management, June 20, 2014.)
In the wake of that order, the firm and Lucas announced their intention to appeal the verdict, and they have since requested a hearing and review of the decision imposing the suspension. In the meantime, they also requested a stay of the suspension, pending the review.
On Tuesday the OSC said it has granted that request, subject to various conditions. The commission says that OSC staff and WSPMi have agreed to the conditions, which includes that the firm not accept any new clients, that it provide a link to the suspension on its website and a copy of that decision to all of its existing clients, and that it is allowed to announce that the decision has been stayed pending a review.
The review is slated to be heard on August 28 and 29, and the stay remains in effect until then.