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The B.C. Securities Commission has stayed penalties of more than $35 million on nine cases as a result of a related B.C. Court of Appeal decision on a pump-and-dump scheme case.

It wipes the penalties off the books for now, as they will only be re-visited, according to the securities commission, if a party makes an application to do so.

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The decision to stay the penalties comes as the province’s market regulator is under scrutiny for its poor penalty collection record.

The orders to vary the penalties — one dating back to 2009 — was not made public through any announcement. Documents outlining the measures were posted on the securities commission website in mid-January.

In the variance orders, signed by BCSC chair Brenda Leong and vice-chair Nigel Cave, the commission said it is “in the public interest” to stay the penalty orders.

If a party makes an application to lift the stay, the commission “will consider whether the order is consistent with the (Appeal Court) judgment,” said the BCSC decision.