The British Columbia Securities Commission (BCSC) participated in the Global Week of Action Against Unlawful Finfluencers from June 2 to 6, working with regulators and law enforcement internationally to disrupt unauthorized social media promotion of financial products and services and to raise awareness of how securities rules apply to online content. During the week, the BCSC issued 74 letters to YouTubers and other promoters worldwide who had promoted B.C. public companies, setting out how to comply with rules governing information that could encourage buying, selling, or holding securities. It also hand-delivered a caution letter to a Vancouver-area finfluencer about potentially unregistered activity and directed him to obtain legal advice before promoting securities-related services, and met with three businesses that had promoted B.C. public companies (based in B.C., elsewhere in Canada, and Europe). Outreach activity included publishing educational materials and hosting a June 5 webinar for prominent Canadian finfluencers. The release reiterates that, under British Columbia’s Securities Act, promotional content related to securities must clearly and conspicuously disclose whether it is disseminated by or on behalf of a company or someone who owns shares in the company, and notes a 2023 BCSC panel decision imposing penalties of CAD 50,000 on a marketing company’s CEO and CAD 25,000 on the company for inadequate promotional disclosure.
British Columbia Securities Commission 2025-06-06
British Columbia Securities Commission joins global crackdown on unlawful finfluencers and sends 74 compliance letters
The British Columbia Securities Commission (BCSC) joined the Global Week of Action Against Unlawful Finfluencers, working with international regulators to tackle unauthorized financial promotions on social media. The BCSC issued 74 compliance letters, cautioned a Vancouver-area finfluencer, and engaged with businesses promoting B.C. public companies. The initiative stressed the importance of clear disclosure under British Columbia’s Securities Act, citing a 2023 decision penalizing inadequate disclosure.