The British Columbia (B.C.) Reporter provides a monthly summary of B.C.’s legislative and regulatory developments of relevance to provincially regulated financial institutions. It does not address Canadian federal financial services legislative and regulatory developments, although this information is provided by BLG separately. In addition, purely technical and administrative changes (such as changes to reporting forms) are not covered.
April 2023
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Published |
Title and Brief Summary |
Status |
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BC Financial Services Authority (BCFSA) |
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May 2, 2023 |
New Real Estate Teams Rules Are in Effect BCFSA has issued a reminder to real estate licensees that amendments to the Real Estate Services Rules (the Rules) respecting real estate teams came into effect on April 1, 2023. Under the Rules, a group of two or more licensees must register as a real estate team with BCFSA if the licensees in the group do any of the following while providing trading services:
Unlicensed assistants do not, for regulatory purposes, count as part of the total membership of a team. |
Updated rules took effect April 1, 2023 |
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April 3, 2023 |
BCFSA Endorses CCIR Position Paper on Climate Change, Natural Catastrophes and Consumer Awareness BCFSA has endorsed the Climate Change, Natural Catastrophes, and Consumer Awareness Position Paper issued by the Canadian Council of Insurance Regulators (CCIR) on the role of insurers and insurance products in better protecting Canadians’ personal property against the risks posed by natural catastrophes and a changing climate. BCFSA is currently the chair of the working group that prepared the position paper. CCIR takes the position that coordinated action is needed by the insurance industry to address knowledge gaps and ensure consumers have the information, advice, and incentives necessary to make informed decisions respecting their insurance coverage. CCIR will engage industry stakeholders with respect to its recommendations. |
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Legislation |
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March 30, 2023 |
Civil Forfeiture Amendment Act, 2023, SBC 2023, c. 13(Bill 21) Civil Forfeiture Amendment Act, 2023, SBC 2023, c. 13, was introduced on March 30, 2023, and received Royal Assent on May 11, 2023. The Act amends section 108 of the Business Practices and Consumer Protection Act, which deals with the circumstances under which reports of credit information may be given by credit agencies. It adds that such reports can be given in response to a request made under s. 22(6.1) of the Civil Forfeiture Act. Subsection 22(6.1) of the Civil Forfeiture Act is also added by the Act, stating that a specified organization that has custody or control of information to which the director is entitled under subsection (5) must, within 30 days after receiving a request for the information, disclose that information to the director. |
Provision affecting Business Practices and Consumer Protection Act in force on Royal Assent. |
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March 29, 2023 |
Money Services Businesses Act, SBC 2023, c. 19 (Bill 19) Money Services Businesses Act, SBC 2023, c. 19, was introduced on March 29, 2023, and received Royal Assent on May 11, 2023. The Act establishes a registration regime for money services businesses, defined as (with the exception of services excluded by regulation):
Under the Act, money services businesses will be required to register with BCFSA, which will require background checks and annual reporting, and will have investigative and enforcement powers to help protect people from unknowingly working with unregistered or criminally linked businesses. Acts amended by the Act include: |
Act in force on a date to be named by proclamation |
Disclaimer
This Reporter is prepared as a service for our clients. It is not intended to be a complete statement of the law or an opinion on any subject. Although we endeavour to ensure its accuracy, no one should act upon it without a thorough examination of the law after the facts of a specific situation are considered.
