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The British Columbia Securities Commission (BCSC) today published a request for comment seeking input on proposed fee changes. The BCSC last increased fees in 1994.
"Over the last 20 years, B.C. capital markets have become significantly more complex and the scope of the BCSC's regulatory responsibilities has grown," said Peter Brady, Executive Director of the BCSC. "This proposal will allow the BCSC to continue to deliver effective regulatory oversight and protect investors."
The proposed fee changes will be used to fund increased enforcement capacity and address other specific regulatory challenges including:
- the emergence of new marketplaces,
- rapid fintech innovation,
- increasing cyber risk,
- increased private market capital raising, and
- over-the-counter derivatives regulation.
The BCSC funds its operations entirely from fees paid by market participants, and receives no government or taxpayer funding. The proposal includes increases to some existing fees and introduces new fees for certain entities such as exchanges, clearing agencies, trade repositories and foreign registrants. Proposed fee increases are detailed in the notice.
"People need to have confidence that securities markets are being regulated appropriately," said Brady. "With increased funding, the BCSC can expand its work on critical regulatory priorities, including hiring significantly more criminal investigators."
The BCSC invites comments in writing on or before May 31, 2018. More information on the consultation, including how to submit comments, can be found in the notice.
