Capital Markets Regulation


Mark Wang, Director, Capital Markets RegulationMark Wang

The Securities Act requires that anyone in the business of trading or advising in securities or exchange contracts and anyone who manages an investment fund in the province be registered with the Commission. Applicants must meet certain educational standards and capital requirements to obtain registration and are then required to meet detailed conduct, solvency and reporting obligations.

The Capital Markets Regulation Division is comprised of:

Registration - reviews and processes applications for registration of all dealers, advisers, salespersons, and investment fund managers in British Columbia that are not members of the Investment Industry Regulatory Organization of Canada (IIROC).

Compliance - monitors the conduct and solvency of registrants to ensure compliance with the legislation through review of financial reports and on-site examinations.

Compliance and registration also works with registrants and other participants in the capital markets to assist them to understand and meet their compliance obligations. Compliance staff recommends administrative sanctions in appropriate circumstances to address failures to meet these obligations.

SRO Oversight - monitors and audits the regulatory functions of IIROC and the Mutual Fund Dealers Association (MFDA). The Commission recognizes IIROC and the MFDA as self-regulatory bodies that are responsible for regulating the activities of their members. SRO Oversight also oversees the TSX Venture Exchange (TSX-V) and the Canadian Depository for Securities (CDS).

Legal Services - develops legislation, rules and policies to improve the efficiency and effectiveness of regulation, both at the local and national level.  We participate in CSA regulatory initiatives, promoting both cost effective regulation and mutual reliance and harmonization.  In addition, we advise the Commission on regulatory policy initiatives covering registrants, self-regulatory bodies and exchanges. Legal services also reviews and decides on applications for discretionary relief from market participants, with a view to facilitating business objectives without compromising investor protection or market integrity. Legal services reviews and makes recommendations to the director about whether to approve IIROC, MFDA, TSX-V, and CDS rule changes.