The British Columbia Securities Commission (BCSC) is increasing fees, including the annual registration fee for reps, to bolster its ability to carry out its mandate to protect investors and oversee an increasingly complex securities marketplace, the commission announced Thursday.
The increases, approved by the B.C. government after a public consultation last spring, are the first since 1994, the commission says in a news release. The new rates take effect Dec. 30.
- The most significant fee changes are:
the annual registration fee for a dealing, advising or associate advising representative will increase by $100 to $350;
the prospectus fee beyond the base fee will increase to 0.025% form 0.02% of the distributed securities’ value; and
the base fee for filing an exempt distribution report will rise by $100 to $200.
The fee changes secure funding needed for effective market oversight and investor protection, the BCSC says.
“The B.C. securities market today is significantly more complex and larger than it was in 1994, with about $57 billion raised by B.C. companies and funds this past year,” says Peter Brady, the BCSC’s executive director, in a statement. “As that market has evolved, so must the commission. For example, we are using advanced tools, such as predictive analytics, to strengthen compliance oversight and are deploying new technology to sharpen our ability to analyze market trading data.”
The BCSC revised its initial proposals in response to comments received during the public consultation, the commission says, including simplifying or reducing some of its originally proposed changes.