The British Columbia Ministry of Finance and the B.C. Financial Institutions Commission have released a discussion paper regarding regulatory reform in that province.

Interested parties in the financial services sector and others are invited to respond to the paper that addresses the future regulation of financial institutions and their agents in B.C. The paper is the first stage of the financial services sector legislative review. The review examines key aspects of financial services sector policy and legislation, and falls under the government-wide deregulation program.

The paper was prepared by Perrin, Thorau & Associates Ltd. for the Ministry and FICOM, and it is being released to encourage a dialogue on reform, according to a letter from Deputy Minister of Finance Paul Taylor.

The main goals of reform process are to reduce the regulatory burden for the provincial financial services sector and to enhance and maintain confidence in the sector. The options outlined in the are intended to foster discussion.

Following consultation on the paper, a public report will be released that will outline the comments the ministry has received. The ministry will then prepare specific changes for government’s consideration. The ministry will then consult with affected groups on any legislative changes government may propose.

Comments should be sent to the B.C. Ministry of Finance by September 30.