In our comments to the British Columbia Securities Commission (BCSC) regarding their proposed regulatory fee changes, we acknowledge the BCSC’s need for sufficient resources to fulfill its mandate, while raising concerns about the cumulative impact of regulatory fee increases on registrants operating nationally.
Our key recommendations are that the BCSC:
- Provide greater transparency regarding the drivers of increased regulatory costs and the measures being taken to improve operational efficiency and contain costs.
- Maintain the current exempt distribution filing fee for registrants and their affiliated or managed investment vehicles.
- Clarify how the proposed maintaining-registration fee would apply in the year a firm or individual becomes registered, including whether it would be prorated or otherwise adjusted.
- Proceed with the proposed 30-day period for filing notices of proceeds and paying the related fee for continuous distributions, while working with other CSA jurisdictions to streamline the related SEDAR+ filing process.
- Work with other CSA jurisdictions to harmonize regulatory fee structures and reduce unnecessary duplication and cumulative costs for firms operating nationally.
Click here to read more.