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Title : "BCSC to get strongest collection and enforcement powers in Canada"
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"BCSC to get strongest collection and enforcement powers in Canada"

In this NR yesterday, the BCSC announced that it was being armed with new teeth to fight the scumbags and rip-off merchants who have been benefiting from ill-gotten gains for far too long and dragging the Canadian junior mining sector in particular towards its won demise. However, as we know that the BCSC has been woefully inept in going after white collar criminals neither should we hold our collective breath; it's one thing to have new powers, quite another when the ringleaders of the Vancouver rip-off show hang out at the same, clubs, bars and restaurants as the people who are suppsoedly overseeing their activities. Anyway, here's the NR:

VANCOUVER, Oct. 21, 2019 /CNW/ - The provincial government has announced sweeping changes to the Securities Act, giving the British Columbia Securities Commission (BCSC) some of the strongest powers in the country to protect investors and tougher consequences for wrongdoers.

"We'd like to thank the B.C. government for taking action to crack down on white collar crime with these ground-breaking amendments," said Brenda Leong, chair and CEO of the BCSC. "We now have new and better tools to go after the bad actors who break the law and cause significant harm to investors and the capital markets."

The proposed amendments, many of which are unprecedented in Canada, include:

• broader powers to collect financial sanctions when there are assets to collect
• mandatory minimum jail sentences for certain types of fraud
• increased penalties for certain types of misconduct
• new prohibitions on false or misleading statements
• tighter rules around promotional activities

"Our government is taking action to make sure we have the strongest protections in Canada for people who are investing and tough penalties for those who are abusing the system," said Carole James, Minister of Finance. "These changes send a clear signal to fraudsters that the rules do apply in B.C. and if you break them, there will be consequences. People can feel confident knowing that the investment markets will be protected today and into the future."

In addition to enhancing the BCSC's collection and enforcement powers, the amendments modernize the Act to ensure it is keeping pace with evolving markets and systemic risks. This includes a regime for derivatives and benchmarks that is harmonized with other jurisdictions across Canada such as Alberta and Ontario.

The legislation introduced today includes more than 100 changes to the Act, the most extensive amendments since it was enacted in 1996.

Read more about the proposed amendments in the Ministry of Finance's press release and backgrounder

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