BCSC to in­crease fees so it can carry out its man­date

The B.C. Se­cu­ri­ties Com­mis­sion has in­creased its fees to im­prove its mar­ket over­sight and in­vestor pro­tec­tion. The new rates will be ef­fec­tive Dec. 30, 2018.

Stockwatch Daily - - FRONT PAGE - Mr. Peter Brady re­ports

THE BRI­TISH Columbia Se­cu­ri­ties Com­mis­sion (BCSC) is in­creas­ing fees to bol­ster the com­mis­sion’s abil­ity to carry out its man­date to pro­tect in­vestors and over­see an in­creas­ing com­plex se­cu­ri­ties mar­ket­place.

The in­crease, ap­proved by the Bri­tish Columbia gov­ern­ment after a pub­lic con­sul­ta­tion last spring, is the first since 1994. Bri­tish Columbia is home to over 1,400 pub­lic com­pany head of­fices, more than any other prov­ince. The new rates take ef­fect Dec. 30, 2018.

The BCSC re­ceives no gov­ern­ment or tax­payer fi­nanc­ing, re­ly­ing en­tirely on fees paid by se­cu­ri­ties mar­ket par­tic­i­pants, in­clud­ing com­pa­nies that is­sue se­cu­ri­ties, reg­is­tered in­vest­ment firms and reg­is­tered in­vest­ment ad­vis­ers.

The fee changes se­cure fi­nanc­ing needed for ef­fec­tive mar­ket over­sight and in­vestor pro­tec­tion, in­clud­ing for:

• Ex­pand­ing the BCSC’s crim­i­nal in­ves­ti­ga­tions team;

• En­hanc­ing in­vestor ed­u­ca­tion;

• Sup­port­ing fintech (fi­nan­cial tech­nol­ogy) so­lu­tions and ex­am­in­ing the reg­u­la­tion of cryp­tocur­rency as­sets;

• Mod­ern­iz­ing rules for cap­i­tal for­ma­tion;

• Hard­en­ing BCSC’s cy­ber­se­cu­rity de­fences.

“The B.C. se­cu­ri­ties mar­ket to­day is sig­nif­i­cantly more com­plex and larger than it was in 1994, with about $57-bil lion raise d by B.C. com­pa­nies and funds this past year,” said Peter Brady, the BCSC’s ex­ec­u­tive di­rec­tor. “As that mar­ket has evolved, so must the com­mis­sion. For ex­am­ple, we are us­ing ad­vanced tools, such as pre­dic­tive an­a­lyt­ics, to strengthen com­pli­ance over­sight and are de­ploy­ing new tech­nol­ogy to sharpen our abil­ity to an­a­lyze mar­ket trad­ing data.”

The most sig­nif­i­cant fee changes are:

• The an­nual reg­is­tra­tion fee for a deal­ing, ad­vis­ing or as­so­ciate ad­vis­ing rep­re­sen­ta­tive will in­crease by $100.

• The prospec­tus fee beyond the base fee will in­crease by one-half ba­sis point of the dis­trib­uted se­cu­ri­ties’ value.

• The base fee for fil­ing an ex­empt distri­bu­tion re­port will in­crease by $100.

In re­sponse to com­ments sub­mit­ted dur­ing the pub­lic con­sul­ta­tion, the BCSC sim­pli­fied or re­duced some of its orig­i­nally pro­posed fee changes, in­clud­ing ap­pli­ca­tions for ex­emp­tions or other or­ders; ap­pli­ca­tions for recog­ni­tion of an ex­change, clear­ing agency or trade repos­i­tory; and ini­tial fil­ing and an­nual fees for al­ter­na­tive trad­ing sys­tems.


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