The British Columbia Securities Commission (BCSC) announced July 25 that it can, pursuant to legislative amendments in the province which came into force on July 17, begin imposing administrative penalties up to $1-million when those being investigated do not comply. The amendments also indicate that pension derived funds are not exempt from enforcement processes. They also give the BCSC rule-making authority to regulate the auditors of registration and to impose continuous disclosure obligations on issuers that are not reporting issuers, such as pooled funds.
“The updates to B.C.’s Securities Act include a provision enabling the BCSC to impose consequences for failing to comply with a summons or demand to provide information. Until now, the BCSC had to apply to the Supreme Court for an order that a non-cooperative person be liable for contempt, a time-consuming process,” the securities commission writes. “In addition to the Act amendments, the Pension Benefits Standards Act and the Pooled Registered Pension Plans Act have been amended,” they add. “These amendments enhance the BCSC’s ability to collect BCSC-imposed penalties.
Finally, they say one additional amendment allows the BCSC to seek court orders, including payment of restitution or damages, if a person has been convicted of a Criminal Code offense related to securities or derivatives.
