Tuesday 21st August 2018

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Have your say on the BCSC’s proposed fee hikes

by Greg Klein | May 1, 2018

Some hefty cost increases now seem likely for British Columbia’s investment industry, but the B.C. Securities Commission’s giving participants a chance to comment. These would be the first such raises since 1994, according to the agency, which says it “funds its operations entirely from fees paid by market participants and receives no government or taxpayer funding.” Written comments will be accepted up to May 31.

“People need to have confidence that securities markets are being regulated appropriately,” said executive director Peter Brady. “With increased funding, the BCSC can expand its work on critical regulatory priorities, including hiring significantly more criminal investigators.”

Late last year a series of articles by Postmedia journalist Gordon Hoekstra slammed the commission for lax enforcement against serial scammers and others with unpaid fines but substantial assets. The BCSC has a staff of 234 and a budget of $46.6 million, Hoekstra reported.

Apart from beefing up enforcement and fine collection, a bigger budget would help address “regulatory challenges” including new marketplaces, rapid fintech innovation, increased cyber risk, increased private market capital raising and over-the-counter derivatives regulation, the BCSC stated.

Possibly reflecting a newly found frugality, the BCSC got through this year’s Fraud Awareness Month without producing a music video, as the agency did in 2017 and 2016.

Click here to see BCSC staff salaries for fiscal year 2014 to 2015.

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