News Release
Securities commission reverts to former fees
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Date:
2003-01-07 -
Number:
2003/01
Vancouver -- The B.C. Securities Commission’s temporary fee reduction period for the charges that it applies to securities dealers and public companies ends today.
The one-year, temporary fee reduction was initiated Jan. 7, 2002. It was designed to return to securities market participants most of the surplus revenues that the commission collected during periods of high market activity.
(The BCSC operates on a breakeven basis, however it accumulated excess revenues from the unexpectedly high fee collections generated during the strong financial market conditions of the late 1990s.)
In the 12-month period ended Jan. 6, 2003, the lower fees saved market participants about $10.5-million – a savings of $6.4-million by public companies and $4.1-million by individuals selling securities to the public.
As of Jan. 7, 2003, BCSC fees revert to those that were charged a year ago. For example:
· The fee for filing annual financial statements on time reverts to $600 from $75.
· The registration fee for an employee of a securities dealer or adviser reverts to $250 from $75.
· The fee payable on B.C. proceeds of exempt distributions reverts to 0.03 per cent from 0.01 per cent.
A revised fee checklist is available on the commission website (www.bcsc.bc.ca).
The B.C. Securities Commission is the independent provincial government agency responsible for regulating trading in securities and exchange contracts within the province.