On June 22, 2020, Order in Council No. 341 brought certain
provisions into force from the Financial Institutions Amendment
Act, S.B.C. 2019, c. 39 (FIA Act). In addition, the
Order introduced the Financial Services Authority Rule-Making
Procedure Regulation, outlining how the BC Financial Services
Authority (BCFSA) can publish rules under its rule-making powers.
This is the next incremental step in introducing BC's new
regulatory framework for financial institutions. For a
comprehensive review of the regulatory changes coming in BC from
the FIA Act,
please see our article here.
Now that the BCFSA's rule making procedure is established,
financial institutions can expect there will be many new rules
implemented that further change the way in which they are
regulated.
