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Van Sun says BCSC adds to enforcement budget

2019-05-03 07:01 ET - In the News

The Vancouver Sun reports in its Friday edition that 85 per cent of a nearly $8-million boost in revenues to the B.C. Securities Commission is aimed at increased enforcement, according to internal government documents. The Sun's Gordon Hoekstra quotes B.C. Finance Minister Carole James in a confidential advice note, "The majority of the increased revenue will fund compliance improvements, including expanding criminal investigations and collections capacity." The internal document explains that 10 per cent of the boost in revenues -- from fees applied to industry players -- is earmarked for investor education. The remaining 5 per cent is to improve rules-making capacity. The Ministry of Finance information, dated April 12, 2018, provides details not released eight months later in December when the commission announced it would increase revenues by an estimated $7.6-million annually to boost enforcement, and support and regulate new financial technologies such as cryptocurrency, and also harden the regulator's cybersecurity defences. The advice note to Ms. James estimated the increase to the BCSC annual budget at about 19 per cent. Last year, Ms. James ordered the BCSC to improve enforcement and fine collections.

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