The British Columbia Securities Commission is one of the thirteen independent provincial financial regulators in Canada. It's falls under the CSA umbrella.
The British Columbia Securities Commission is one of the thirteen independent provincial financial regulators in Canada. The territorial securities regulator is a part of the umbrella organization Canadian Securities Administrators (CSA). Hence, the BCSC needs to adhere to the guidelines set by the Canadian Securities Administrators. Breaking down the BCSC further, it consists out of 8 commissioners assigned by each local government. In total the provincial regulator is currently employing 190 professionals.
Moreover, the Canadian agency is self-funded. Similar to the funding of the National Futures Association, the BCSC generates its funds through market participant fees. Considering that all firms that offers financial services in British Colombia needs to become a member of the BCSC.
What is British Columbia Securities Commission’s mission?
The British Columbia Securities Commission is responsible for overseeing the capital markets in British Columbia under the Securities Act. To sum it up, the BCSC’s mission is to safeguard and encourage the public interest through nurturing:
– A Securities market that is just and guarantees public confidence;
– An active and competitive securities market that offers investment opportunities and access to capital.
Also, the BCSC is responsible for revising the disclosure that businesses raising capital must provide to investors. Moreover, it is responsible for reviewing applications for registration from those that trade securities, provide advice, or administer portfolios or investment funds to assure they are competent, fair and solvent.
Not to mention, the BCSC is accountable for taking action against those who violate securities laws. Ultimately, the regulatory body is in charge of educating investors to improve their self-protection. The BCSC also strives to educate industry participants in relation to the compliance with securities law framework.
BCSC collaboration with foreign regulators
The BCSC is known for cooperating with foreign jurisdictions on a regular basis. An example is BCSC’s cooperation with the U.S. enforcement agencies, including the CFTC. Having signed several memorandums of understanding with other jurisdictions, the BCSC is actively collaborating with regulators in Pan-American and international securities regulators.