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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.