BCN 2004/20 - New Securities Legislation [BCN - Lapsed]
Bill 38 leaves behind the overuse of detailed and prescriptive rules in favour of a results-based approach, founded on time-tested principles of investor protection - disclosure to investors, and the regulation of dealers and advisers.
It strengthens investor protection by
- focusing companies and securities firms on what is best for investors
- requiring improved, plain-language disclosure
- providing increased enforcement powers, sanctions and penalties
- providing broader remedies for investors to sue for damages
Bill 38 is part of a complete new legislative framework. Rules to implement the new framework will contain more detailed, although still results-based, regulatory requirements. We expect to publish rules, forms and accompanying guidance for further comment in June 2004.
May 5, 2004
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be found at the B.C. Securities Commission public website at www.bcsc.bc.ca in the Commission Documents database or the Historical Documents database.