The British Columbia Securities Commission (BCSC) announced March 31 that it will be able to block the issuance or renewal of a driver's licence and vehicle licences and vehicle plates to anyone who has not fully paid a BCSC-imposed sanction for investment misconduct.
The BCSC says British Columbia is the first province in Canada to link unpaid sanctions for violations of securities law to driving privileges.
"If investors and our capital markets are harmed because of misconduct, there should be consequences. If you don't pay the sanctions we impose, it can have an impact on your everyday life," said Brenda Leong, the BCSC's Chair and Chief Executive Officer.
The power to deny driving privileges was part of a package of amendments to the Securities Act passed by the British Columbia government in October 2019. The BCSC's new power can be applied only if the amount owed is $3,000 or more. The regulator will consider on a case-by-case basis when to use the new power to block driver's licences and vehicle licence and vehicle plate issuances and renewals.
The BCSC must notify a person when it intends to use this power. If a person subsequently agrees to a payment plan, or pays the amount they owe in full, the notice must be withdrawn.