Automatic Reciprocal Orders
Effective March 27, 2020, if someone is the subject of an order or settlement agreement issued by another securities regulator in Canada, that order or agreement is automatically in effect against that person and in British Columbia, without notice to you and without an opportunity to be heard.
The order or agreement must:
- have been issued by another securities regulator in Canada
- impose sanctions, conditions, restrictions or requirements on the person
- include a finding or admission you contravened securities laws in that other Canadian jurisdiction
The order or agreement applies only to the extent the British Columbia Securities Commission could have imposed the same sanctions, conditions, restrictions or requirements on the person for that contravention. Financial sanctions do not automatically reciprocate.
If the original order or agreement is varied, amended or revoked by the securities regulator that originally made the order or agreement, the variation, amendment or revocation also automatically applies in British Columbia.