The British Columbia Financial Services Authority has updated its Administrative Process for publishing regulatory actions, setting out how and when it will make public items such as notices of hearings, discipline-related orders, and administrative penalties. The changes are intended to increase transparency for consumers, including by enabling BCFSA to explain connections across multiple instances of related misconduct. Under the revised process, BCFSA will publish the names and identifiers of third-party participants who are alleged or have been found to have participated in misconduct where they are subject to a separate but related decision. Where a third-party participant is under ongoing investigation or has an upcoming hearing, their name and identifiers will be redacted until that matter concludes. The process also provides for publishing third-party participant names and identifiers in notices of hearing even when they are not named as a respondent, and for publishing certain undertakings and voluntary compliance agreements made under the Financial Institutions Act in specified circumstances.
British Columbia Financial Services Authority 2025-02-19
British Columbia Financial Services Authority updates its publication process to disclose third-party participant names in related regulatory actions
The British Columbia Financial Services Authority has revised its Administrative Process for publishing regulatory actions to enhance transparency. Updates include publishing names and identifiers of third-party participants involved in misconduct, with redactions during ongoing investigations or pending hearings. The process also allows for publishing certain undertakings and voluntary compliance agreements under the Financial Institutions Act.