British Columbia’s move to overhaul securities regulation in that province is being extended to all its financial services rules.

The B.C. Ministry of Finance and the Financial Institutions Commission are undertaking a financial services sector legislative review. Ross Gentleman, executive director, Administrative Policy, Finance & Administration at FICOM, confirms that a review of financial sector legislation is under way, and that a discussion paper is projected for distribution at the end of May.

It is expected that discussion will continue through the summer, to be completed September 20. A report is due by the end of September. This policy review project will consider all aspects of financial services sector policy and legislation, and is expected to take about 18 months until new legislation can be passed.

It’s expected that the review will follow the lead taken by the BCSC in moving from a rules-heavy system to a more conduct-based approach to regulation.