Le Lézard
Classified in: Business
Subjects: LAW, CPG

BCSC to get strongest collection and enforcement powers in Canada


VANCOUVER, Oct. 21, 2019 /CNW/ - The provincial government has announced sweeping changes to the Securities Act, giving the British Columbia Securities Commission (BCSC) some of the strongest powers in the country to protect investors and tougher consequences for wrongdoers.

"We'd like to thank the B.C. government for taking action to crack down on white collar crime with these ground-breaking amendments," said Brenda Leong, chair and CEO of the BCSC. "We now have new and better tools to go after the bad actors who break the law and cause significant harm to investors and the capital markets."

The proposed amendments, many of which are unprecedented in Canada, include:

"Our government is taking action to make sure we have the strongest protections in Canada for people who are investing and tough penalties for those who are abusing the system," said Carole James, Minister of Finance. "These changes send a clear signal to fraudsters that the rules do apply in B.C. and if you break them, there will be consequences. People can feel confident knowing that the investment markets will be protected today and into the future."

In addition to enhancing the BCSC's collection and enforcement powers, the amendments modernize the Act to ensure it is keeping pace with evolving markets and systemic risks. This includes a regime for derivatives and benchmarks that is harmonized with other jurisdictions across Canada such as Alberta and Ontario.

The legislation introduced today includes more than 100 changes to the Act, the most extensive amendments since it was enacted in 1996.

Read more about the proposed amendments in the Ministry of Finance's press release and backgrounder.

About the British Columbia Securities Commission (www.bcsc.bc.ca)

The British Columbia Securities Commission is the independent provincial government agency responsible for regulating capital markets in British Columbia through the administration of the Securities Act. Our mission is to protect and promote the public interest by fostering:

Learn how to protect yourself and become a more informed investor at www.investright.org.

SOURCE British Columbia Securities Commission


These press releases may also interest you

at 06:15
SGF, a pioneer and leader in reproductive medicine, placed a strong emphasis in 2019 on improving access to patient care by adding more locations and new physicians across the Mid-Atlantic United States. Six new physicians, two new state-of-the-art...

at 06:00
Community Bankers Trust Corporation (the "Company") , the holding company for Essex Bank (the "Bank"), today reported results for the fourth quarter and year ended December 31, 2019. Income Statement- Three Months ended...

at 06:00
As the year 2020 has begun, the 1099 deadlines loom closer. As a responsible employer, it's important to prepare and issue 1099s to recipients, and efile them to the IRS without any delay. Efiling 1099 forms, in-house is supported with the latest...

at 06:00
Cognizant  has been named a leading Business Process Services (BPS) provider in the Clinical and Care Management market by consulting and research firm Everest Group. The Clinical and Care Management (CCM) BPS Services PEAK Matrix® report assessed 16...

at 06:00
Q1 FY20 (comparisons versus prior year): GAAP EPS of $2.14, up 36 percent; GAAP net income of $489 million, up 37 percent; and GAAP net income margin of 21.7 percent, up 570 basis points Adjusted EPS* of $2.14, up 15 percent; adjusted EBITDA margin*...

at 06:00
Synchrony Financial today announced fourth quarter 2019 net earnings of $731 million, or $1.15 per diluted share; this includes a $38 million pre-tax, $28 million after-tax, or $0.05 per diluted share benefit from a reduction in the reserve related...



News published on 21 october 2019 at 20:00 and distributed by: