SEC fines Canadian firm over registration

A Vancouver-based advisory firm, Agentis Capital Advisors General Partnership, was sanctioned on Friday by the U.S. Securities and Exchange Commission (SEC) for registration failures.

The SEC settled charges against the firm for allegedly violating U.S. securities rules by failing to register as a municipal advisor when counselling several entities in connection with the issuance of municipal securities.

Specifically, the SEC alleged that between December 2020 and February 2023, Agentis provided consulting services to six private sector entities participating in U.S. public-private partnerships (P3s) — including advice on the structure, timing and terms of securities issuances that raised over US$1.9 billion in total.

“Agentis’ advice was particularized to the specific needs, objectives, and circumstances of its clients with respect to the issuance of municipal securities,” the regulator’s order said — and when the firm was providing these services, it wasn’t properly registered as a municipal advisor, the SEC alleged.

The firm settled the allegations without admitting or denying the SEC’s findings.

Under the settlement, Agentis consented to a penalty of US$100,000, to be censured and to a cease-and-desist order.

James Langton

James is a senior reporter for Advisor.ca and its sister publication, Investment Executive. He has been reporting on regulation, securities law, industry news and more since 1994.