B.C.’s Ministry of Finance and Financial Institutions Commission have distributed terms of reference for their planned Financial Services Sector legislative review.

The Ministry of Finance and FICOM wish to undertake a comprehensive review and reform of regulatory requirements imposed by the B.C. government on participants in the financial services sector.

“The objectives of the review and reform will be to clarify the public policy objectives of government related to the regulation of participants in the financial services sector and ensure that the regulatory framework focuses on maximizing the achievement of those objectives with the minimum regulatory burden and economic cost. In doing so, it is expected that the number of regulatory requirements imposed by the financial institutions regulatory framework will decrease,” the government says.

The review is intended to define the public policy justification and objectives of regulating the financial services sector, test the regulation, and determine the best way to achieve the public policy objectives.

It is expected that the entire review and reform project will approximately 18 months before passing new legislation. It hopes to release a public discussion paper by May 30, complete discussion by September 20, and report by September 30.