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BCFSA undertakes a number of initiatives related to its mandate to regulate the financial services sector in British Columbia. We are working to achieve our goal of becoming a modern, effective and efficient regulator. Major initiatives in the follow areas are currently underway.
BCFSA is undertaking a comprehensive review of existing regulatory instruments to standardize our approach to communicating information, expectations, and requirements to regulated entities. The work to review, revise and reclassify existing regulatory instruments is expected to be completed between August 2021 and 2023. Learn more about advisories, Regulatory Statements, and Guidelines.
BCFSA uses a number of regulatory instruments to inform the business activities of regulated entities. These instruments are publicly available through this website. These instruments do not include consumer facing information, general communications tools (e.g. news releases, newsletters to licensees), and enforcement tools (e.g. discipline orders, administrative penalties).
Regulated entities and individuals should monitor Advisories as the content will be material to their business activities.
Regulated entities and individuals must follow the instruction/directions, including using any prescribed templates/forms, that are set out in a Regulatory Statement.
In the case of non-compliance with a Regulatory Statement, BCFSA can apply regulatory sanctions, refuse to process submissions, or not authorize entities to conduct a regulated activity.
Regulatory Statements can also include interpretations of legislation. Interpretations have legal importance as they clarify how BCFSA will interpret certain statutory provisions. Regulated entities may rely on the interpretations in BCFSA non-compliance proceedings.
Regulated entities are expected to follow guidelines, even though they are not legally binding.
BCFSA has a number of options when regulated entities fail to follow a Guideline. For example, where a failure by a financial institution to follow the principles established in a Guideline increases the risk facing the financial institution, BCFSA can adjust a financial institution’s risk rating, impacting premiums.
BCFSA encourages the use of guidelines through education, voluntary compliance, escalated warnings, and potentially a regulatory penalty, where a breach of guidelines by a licensee/registrant is a breach of regulatory requirements.
BCFSA’s Regulatory Roadmap is intended to increase transparency to stakeholders and provide regulated entities with advanced notice in order to plan resources, as necessary.
Ongoing dialogue with regulated sector participants has helped to shape and develop the content of the Roadmap. BCFSA values this feedback, and encourages regulated entities to continue to submit questions or comments about the Roadmap process or its contents to [email protected].
The Supervisory Framework is designed to assist BCFSA in meeting its statutory obligations set out in the FIA and other governing legislation regarding the supervision of PRFIs. These obligations are broad and overarching. To meet them in practice requires detailed, consistent standards and criteria for supervising PRFIs.Supervisory Framework and Guidance