Changes will strengthen the B.C. Securities Commission’s powers to gather evidence and help collect penalties from pension retirement savings.
The 2020 amendments also allowed, for the first time, the regulator to freeze and seize retirement savings, which are normally off limits in settling penalties.found the BCSC’s effort to freeze the retirement savings of Earle Douglas Pasquill and go after them to pay $21.7 million in penalties he owed was outside its authority.
The high court found, however, provisions in the pension acts protected Pasquill’s pension retirement savings, taking precedence over the Securities Act. The 2023 legislative changes also allow the BCSC to impose an administrative penalty of up to $1 million or impose market restrictions such as a ban on trading securities if a witness does not comply with a demand to provide evidence. Previously, the BCSC’s only recourse to compel witnesses was to apply to the B.C. Supreme Court for a contempt charge, a lengthy process that could delay and negatively affect investigations.
Other changes the B.C. government have made include that claims from the securities commission now take precedence over other creditors, and its sanctions will no longer expire after 15 years.
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