The British Columbia Securities Commission (BCSC) is proposing to join the rest of the provincial regulators in delegating fund dealer registration to the Canadian Investment Regulatory Organization (CIRO).
The other provinces expanded CIRO’s responsibility for dealer registration earlier this year, giving the self-regulatory organization the job of registering fund dealers, investment dealers and their reps. Now, the BCSC is proposing rule changes that would complete the job by giving the SRO the task of registering fund dealers and reps in B.C. too — along with its existing registration duties involving investment dealers.
In a notice setting out the proposals, the BCSC said that it’s aiming to “create a consistent and harmonized approach to registration processes for CIRO members across Canada.”
Additionally, delegating greater responsibility for registration to CIRO would “allow the BCSC to enhance our focus on matters including CIRO oversight, regulatory policy, addressing novel issues, and granting exemptive relief applications,” it said.
As in the other provinces, the BCSC would still be responsible for registering portfolio managers, fund managers, exempt market dealers, and other categories.
The proposals are out for a 60-day comment period, which expires on Dec. 15.
The BCSC said that, if approved, the proposed changes would come into force immediately after the final rules are published — likely in spring 2026.
In light of the provincial regulators’ decision to delegate dealer registration, the SRO is also currently consulting on planned changes to its fee model that are needed to fund the added responsibilities.