On October 21, 2019, the BC provincial government announced sweeping and significant changes to the BC Securities Act which are intended to give the BC Securities Commission (BCSC) the strongest powers in the country to impose tougher consequences for wrongdoers.
Bill 33-2019, the Securities Amendment Act, 2019, sets out over 100 proposed amendments, many of which are new to securities regulators in Canada. These include:
- expanding the BCSC’s investigative powers;
- broader powers to collect financial sanctions when there are assets to collect, including enhancements to the current ability to freeze property and new measures, such as seizing