BCN 2001/78 - The Commission’s Deregulation Project [BCN - Rescinded]
The securities industry is burdened by many unnecessary and costly regulatory requirements. The multitude of complex laws, rules and policies written in legalese make it hard for businesses and investors to understand and comply with securities regulation. In addition, the BC government has asked all government agencies to reduce their regulatory requirements by one-third.
The British Columbia Securities Commission has therefore established a two-year project to significantly reduce the burden of regulation.
Scope, Mandate and Goal
Our goal is to impose the minimum requirements necessary for investor protection and market integrity while supporting a broader goal of developing uniform requirements among Canada’s provincial securities regulators.
The project team will be working very closely with the Canadian Securities Administrators’ Uniform Act Project, which is developing a national uniform securities act and rules.
The Deregulation Project will challenge all of our current requirements and assess the need for each one. For those requirements that survive, we will choose the most effective and efficient means of achieving our regulatory objectives. As part of the Project, we will consider whether we need new tools to help us achieve our regulatory objectives.
Our goal is to have a new Securities Act and a new set of Rules in force by December 31, 2003. Most other instruments will be eliminated or substantially re-written. The new documents will be written in plain language.
The Project can only be successful through ongoing consultation with those of you on the front lines. Once we have reviewed and developed alternatives in consultation with operating staff at the Commission, we will be actively seeking input from industry and the public to make sure we are considering the right alternatives, and that we choose the best solutions.
In the meantime, if you have an idea that you would like us to consider early in our deliberations, please send them to email@example.com. Alternatively, you can get there directly from our website at www.bcsc.bc.ca.
This is the Commission’s most significant project and has been staffed accordingly. The team is chaired by a full time commissioner and consists of 8 lawyers and three support staff.
If you have questions about the project as whole, please contact any of the following:
Brent Aitken, Project Chair
Brenda Benham, Project Head
Adrianne Marskell, Lead Counsel
If you live in BC or Alberta, you can call us toll free at 1-800-373-6393.
November 20, 2001
Brent W. Aitken
This Notice may refer to other documents. These documents can be found at the B.C. Securities Commission public website at www.bcsc.bc.ca in the Commission Documents database or the Historical Documents database.