This article provides a monthly summary of British Columbia's legislative and regulatory developments of relevance to provincially regulated financial institutions. It does not address Canadian federal financial services legislative and regulatory developments. In addition, purely technical and administrative changes (eg, changes to reporting forms) are not covered.
The following table shows the BC Financial Services Authority (BCFSA) developments from August 2022.
Date published | Summary | Effective date |
31 August 2022 | The BCFSA has issued an open call to BC credit unions, inviting applications to join a working group as part of its Capital Modernisation Framework Project, which launched on 28 June 2022. The project to modernise the capital framework for British Columbia's credit unions is a multi-year initiative to ensure that capital adequacy requirements for credit unions continue to reflect underlying risks and, as appropriate, developments in international standards and best practices. Working group members will participate in focused discussions and will be invited to provide feedback and impact analysis on targeted topics. Feedback from the working group will inform the development of a discussion paper to be released for public consultation in 2023. | Call to apply to become a member of the working group was open until 14 September 2022. |
12 August 2022 | Following the closing of a 60-day public consultation, the BCFSA is now set to seek consent from the minister of finance to make the new Real Estate Services Rules. The proposed rules will establish a regulatory framework for real estate teams and align brokerage trust accounting rules with federal requirements. | Subject to ministerial consent, BCFSA intends to bring the rules respecting teams into force on 1 April 2023, and the rules respecting trust accounting on 1 October 2022. |
For further information on this topic please contact Cindy Y Zhang at Borden Ladner Gervais LLP by telephone (+1 416 367 6000) or email ([email protected]). The Borden Ladner Gervais LLP website can be accessed at www.blg.com.