On April 15, 2003, the British Columbia Securities Commission released draft legislation to replace virtually all existing securities laws in British Columbia. Under the draft legislation, the existing detailed and prescriptive rules would be replaced with regulatory requirements developed using a “principles-based” approach to securities regulation. The stated goal of the legislation is a streamlined and simplified system of regulation that strengthens investor protection while reducing the burden imposed on business – in the words of the Commission, “Securities regulation that works”.

type Securities & Capital Markets Special Alert - B.C. Securities Commission Proposes New Legislation: Securities Regulation That Works?