The British Columbia Securities Commission recently proposed amendments to the conditions of registration for investment dealers that maintain an office in B.C. and trade in U.S. over-the-counter markets. Specifically, the amendments would prohibit investment dealers from engaging in account activity with a financial institution's office if the office was in a jurisdiction outside Canada or the U.S. where the regulator in that jurisdiction was not a signatory to the IOSCO Multilateral Memorandum of Understanding. "Account activity" would include deposits, transfers and trades.

As we discussed last year, the BCSC proposed initial changes in August 2012 to expand reporting requirements. Those proposals have not been adopted at this time. For more information, see BC Notice 2013/09.