B.C. Finance Statutes Amendment Act introduced

The British Columbia government has introduced a bill that will allow it to regulate credit rating agencies, the B.C. Ministry of Finance said Thursday.

The bill proposes amendments to a variety of existing legislation, including the province’s securities act, that Finance says, “will harmonize registration legislation across Canada relating to point-of-sale disclosure for mutual funds and segregated funds, the regulation of credit rating agencies, and investor protection.”

It also proposes to amend the Financial Administration Act to facilitate the province’s move toward paperless, or uncertificated, securities, which will decrease the costs associated with handling physical securities.

And, it is amending the Financial Institutions Act to “enhance the regulatory tools and framework for the financial services sector,” along with changes to a variety of other acts.

IE