The British Columbia (B.C.) 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 – BLG provides this information separately. In addition, purely technical and administrative changes (such as changes to reporting forms) are not covered.

June 2021

Institution

Published

Title and Brief Summary

BCFSA

June 18, 2021

B.C.’s Motor Vehicle Dealership Loyalty Products Qualify as Insurance

BC Financial Services Authority (BCFSA) has completed a review and concluded that motor vehicle dealership loyalty products offered in British Columbia meet the definition of insurance. Therefore, these products must be structured, marketed and sold as insurance products.

BCFSA

June 18, 2021

Regulatory Statement Number: 21-01

This Regulatory Statement sets out BCFSA’s position on the application of section 1 of the Insurance Act (IA) and section 1 of the Financial Institutions Act (FIA) as they relate to motor vehicle dealership loyalty products offered in British Columbia.

B.C. Regulations Bulletin, No. 23

June 15, 2021

Probate Fee (Memorial Grant for First Responders) Remission Regulation, 344/2021

B.C. Reg. 152/2021, under the statutory authority of the Financial Administration Act, R.S.B.C. 1996, c. 138, s. 19, enacts Probate Fee (Memorial Grant for First Responders) Remission RegulationSee Order in Council No. 344/2021.

BCSC

June 14, 2021

Joint Forum of Financial Market Regulators Engages With Industry and Investor Groups on Investment Fee Transparency

The Joint Forum of Financial Market Regulators (Joint Forum) held its annual meeting on June 10, 2021. The Joint Forum brings together members of the Canadian Securities Administrators (CSA), the Canadian Council of Insurance Regulators (CCIR), the Canadian Association of Pension Supervisory Authorities (CAPSA) and representatives from the Canadian Insurance Services Regulatory Organizations (CISRO), as well as from the Mortgage Broker Regulators’ Council of Canada (MBRCC).

This year, the Joint Forum engaged externally on a cross-sectoral topic of high importance to both investors in mutual funds and policyholders of segregated funds. The Joint Forum members sought the views of industry associations and investor advocates on the reporting of performance and ongoing costs of owning investments, including embedded fees within mutual and segregated funds.

The total cost reporting initiative aims to propose a regulatory framework that is as harmonized as possible in light of differences between the securities and insurance products and their distribution channels.

 

BCFSA

June 3, 2021

Revised Credit Union Reporting Templates and Instructions

BCFSA is issuing revised regulatory reporting templates and instructions for B.C. credit unions in the form of regulatory statements. These regulatory statements outline the reporting requirements and the effective dates. They include links to the revised templates and reporting instructions. The following regulatory statements are issued and posted here on BCFSA’s website:

Appendix 1 outlines the implementation timeline, reporting frequency, and effective date for each revised reporting template.