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  • Bankruptcy can scrub securities commission administrative penalties but not disgorgement order: SCC

Bankruptcy can scrub securities commission administrative penalties but not disgorgement order: SCC

BC Securities Commission chair and CEO Brenda Leong describes the Supreme Court’s recent decision in Poonian — which ruled that regulators’ penalties don’t survive bankruptcy, while disgorgement orders do —- as not going far enough, arguing administrative penalties should not be exempted from bankruptcy.