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ARTICLE · 01 SEPTEMBER 2023

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Amendments To British Columbia's Securities Act Grant BCSC New Powers

Osler, Hoskin & Harcourt LLP
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On July 17, 2023, legislative amendments to British Columbia's Securities Act (the Act), targeted at "modernizing" the statute and improving investor protection, came into force.

CanadaCorporate/Commercial Law
Lawrence Ritchie
Lawrence Ritchie
Teresa Tomchak
Teresa Tomchak
Ankita Gupta
Ankita Gupta
Rachel Makkar
Rachel Makkar
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Overview

On July 17, 2023, legislative amendments to British Columbia's Securities Act (the Act), targeted at "modernizing" the statute and improving investor protection, came into force. The amendments are part of a broader package of legislative amendments under the Finance Statutes Amendment Act, 2023 (Bill 4), which also modifies the Pension Benefits Standards Act and the Pooled Registered Pension Plans Act.The amendments provide the British Columbia Securities Commission (BCSC) with stronger compliance and enforcement powers and provide the BCSC with additional collections-related tools.

British Columbia has tried to cast itself as being at the forefront of capital market enforcement reforms, having introduced a number of additional tools to its enforcement arsenal. In 2019, for example, British Columbia introduced Bill 33 (Securities Amendment Act, 2019), (as we discussed here), which introduced wide-ranging amendments targeted at strengthening the

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