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Financial institutions legislative and regulatory reporter - British Columbia

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The British Columbia (BC) Reporter provides a monthly summary of B.C.’s legislative and regulatory developments of relevance to provincially regulated financial institutions. It does not address Canadian federal financial services legislative and regulatory developments, although this information is provided by BLG separately. In addition, purely technical and administrative changes (such as changes to reporting forms) are not covered.

September and October 2021

Institution

Published

Title and Brief Summary

BCFSA

October 19, 2021

BCFSA’s 2021 Report on Pension Plans Registered in British Columbia

The BC Financial Services Authority (BCFSA) has released its 2021 Report on Pension Plans Registered in British Columbia. The report presents a snapshot of the current state of registered pension plans in British Columbia. It also provides an opportunity for the Superintendent of Pensions to engage with stakeholders and inform them of the work BCFSA is undertaking.

BCFSA

September 7, 2021

BCFSA’s Supervisory Framework

The BCFSA updated its Supervisory Framework to reflect changes in the financial marketplace over the past decade as well as the evolution of future financial products and services. The Supervisory Framework For Provincially Regulated Financial Institutions sets out the rationale, principles, concepts, and core processes that BCFSA uses to guide its supervision of provincially regulated financial institutions.

Legislative Assembly of British Columbia, 2nd Session, 42nd Parliament (2021)

October 28, 2021

Societies Amendment Act, 2021, c. 24

The Societies Amendment Act, 2021 (Bill No. 19) introduced on October 6, 2021, and which amends the Business Practices and Consumer Protection Authority Act in sections 89, 90, and 110, and amends the Credit Union Incorporation Act in sections 99, 100, and 112, received royal assent October 28, 2021. This act is partially in force.

Acts Affected By Societies Amendment Act, 2021

Legislative Assembly of British Columbia, 2nd Session, 42nd Parliament (2021)

October 28, 2021

Miscellaneous Statutes Amendment Act (No. 2), 2021, c. 27

Miscellaneous Statutes Amendment Act (No. 2), 2021 (Bill No. 21) introduced on October 7, 2021 and which amends among others the Business Practices and Consumer Protection Act, SBC 2004, c.2 in sections 35-38, received royal assent on October 28, 2021. This act is partially in force.

Acts Affected By Miscellaneous Statutes Amendment Act (No. 2), 2021

Disclaimer

This Reporter is prepared as a service for our clients. It is not intended to be a complete statement of the law or an opinion on any subject. Although we endeavour to ensure its accuracy, no one should act upon it without a thorough examination of the law after the facts of a specific situation are considered.

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