The BC Securities Commission has been given far-reaching powers in amendments to the Securities Act that became effective July 17, 2023.
Although the amendments are said to strengthen investor protection, the consequences for registrants are cause for concern. Among the new powers, the Commission may now:
- Impose a wide range of prohibitions against anyone who fails to comply with an investigator’s summons to provide information, preserve and produce records, and to appear as a witness
- Impose an administrative penalty up to $1 million if, after an opportunity to be heard, the Commission finds the person failed to comply with an investigator’s summons
- Require non-reporting issuers to provide continuous disclosure
- Require auditors of non-reporting issuers to become members of the Canadian Public Accountability Board
- Bring certain pensions within the scope of the Commission’s enforcement powers
- Seek damages from persons who have been convicted of a securities or derivatives offence under the Criminal Code
If you would like more information about the Commission’s authority, please contact us at admin@valc.ca
