Stakeholders & Partners
As a regulator, we work with a diverse group of stakeholders and partners, including:
- the public, which relies on us to foster capital markets that contribute to the well-being of British Columbians;
- investors, who seek to invest in fair and efficient securities markets;
- issuers, or companies that rely on the capital markets to fund growth;
- securities firms, which advise investors and companies, and facilitate trades;
- marketplaces, which facilitate trades;
- other regulators, with which we enforce compliance and develop and implement policy initiatives through the Canadian Securities Administrators; and
- the provincial government, to which we are accountable.
The Canadian Securities Regulation Landscape
We fulfill our mandate to regulate capital markets in cooperation with other members of the Canadian Securities Administrators (CSA), an umbrella organization of Canada’s provincial and territorial securities regulators. The CSA coordinates and harmonizes regulation of the Canadian capital markets.
Regulating British Columbia’s capital markets in the context of a national system significantly affects how we conduct our work. It also influences how we consider and implement securities policy in British Columbia.
We work within a “passport” system, which gives a market participant automatic access to the capital markets in other jurisdictions by obtaining a decision only from its principal regulator and meeting the requirements of one set of harmonized laws. All Canadian jurisdictions, except Ontario, participate in the passport system.
To protect the capital markets, we work to identify, assess and, where appropriate, take steps to reduce systemic risk – the potential of a breakdown in the financial system caused by the interconnectedness of its many components. We do this work in cooperation with other securities regulators and financial authorities, through the CSA Systemic Risk Committee and the Systemic Risk Surveillance Committee. These committees also participate in the implementation of measures to reduce vulnerabilities and risk in the financial system and contain crises.
The BCSC cooperates and coordinates with the Joint Forum of Financial Market Regulators (Joint Forum) whose mandate is to coordinate and streamline the regulation of products and services in the Canadian financial markets.
We rely on Self-Regulatory Organizations (SROs) to regulate dealers and trading activity in Canadian securities and derivatives markets:
- The Investment Industry Regulatory Organization of Canada (IIROC) regulates investment dealers and trading activity on Canadian equity marketplaces, including the Toronto Stock Exchange (TSX), the TSX Venture Exchange (TSX-V), the Canadian Securities Exchange (CSE), and alternative trading systems.
- The Mutual Fund Dealers Association of Canada (MFDA) regulates mutual fund dealers. The BCSC leads regulatory oversight for the MFDA on behalf of CSA, subject to input from the other CSA jurisdictions.
- The Ontario Securities Commission (OSC) performs the same role for IIROC.
Other Jurisdictions and Regulatory Bodies
The BCSC regularly cooperates with U.S. and other foreign regulators in enforcement matters. We are also active in organizations that represent North American, pan-American, and international securities regulators respectively:
- North American Securities Administrators Association, Inc. (NASAA);
- Council of Securities Regulators of the Americas (COSRA), which encompasses securities regulators from North, Central and South America and the Caribbean. Most COSRA members are also members of IOSCO's Inter-American Regional Committee; and
- International Organization of Securities Commissions (IOSCO).
The BCSC actively cooperates with other Canadian provincial securities regulators and federal financial authorities as a member of the Heads of Regulatory Agencies.
The BCSC is a signatory to the IOSCO Multilateral Memorandum of Understanding and several other information-sharing and supervision memoranda of understanding.