The British Columbia Securities Commission (BCSC) will have enhanced powers to protect investors when the provincial government's changes to the Securities Act take effect March 27.

The amendments, first announced last fall, broaden the types of misconduct the BCSC regulates, allow it to pursue more wrongdoers and enhance its ability to freeze property and other assets. The BCSC will also have expanded powers to collect financial sanctions when there are assets to collect, including seizing registered retirement savings plans and asking ICBC to refuse to renew driver's licences and licence plates.

"We want to thank the B.C. government for ushering in a new era of investor protection in this province and introducing tougher consequences for people who break the law," stated Brenda Leong, chair and CEO of the BCSC in a March 10 announcement. "These changes give us powerful new tools to help us collect money from wrongdoers and return funds to victims."

Mandatory jail sentences for certain types of fraud

The BCSC says many of the new powers are unprecedented in Canada, including: mandatory minimum jail sentences for certain types of fraud; increased penalties for certain types of misconduct; new prohibitions on false or misleading statements and tighter rules around promotional activities.

"With the new powers for the B.C. Securities Commission coming into effect, people can feel confident knowing that B.C.'s investment markets are protected by the strongest enforcement powers in Canada," said Carole James, Minister of Finance. "This is one more step we're taking to build a fair B.C. economy and show fraudsters that there are consequences to breaking the rules in British Columbia."