The British Columbia Securities Commission has sent a letter to its registrants requiring them to report compliance with new regulations implementing the U.N. Suppression of Terrorism Regulations.

The regulations impose a number of duties on all Canadian financial institutions including any provincially regulated entities that deal in securities or are engaged in portfolio management or investment counseling.

These duties include freezing property of terrorism suspects; a duty to disclose possible transactions to both the RCMP and Canadian Security and Intelligence Service; and, a duty to review records on a continuing basis for any dealings with suspects.

The BCSC will require its registrants to report findings on a monthly basis. The first report must be filed by October 19, followed by reports on the 15th of each month thereafter. It has also published a new form for reporting on its Web site.