BCN 2006/05 - Interest on unpaid financial sanctions [BCN]
When the commission orders financial sanctions (administrative penalties or costs) after a hearing, we file the order in the Supreme Court registry under section 163 of the Securities Act. A filed order has the same force and effect, and all proceedings may be taken on it, as if it were a judgment of the Supreme Court.
Under Part 2 of the Court Order Interest Act, interest is payable on these financial sanctions at an annual simple interest rate equal to the prime lending rate of the banker to the government. Effective immediately, the commission will be assessing interest on unpaid financial sanctions from the dates we filed the orders with the court.
April 21, 2006
Douglas M. Hyndman
References: Section 163, Securities Act
Part 2 - Postjudgment Interest, Court Order Interest Act
This Notice may refer to other documents. These documents can be found at the BC Securities Commission public website at www.bcsc.bc.ca in the Securities Law and Policy database.