HER MAJESTY, by and with the advice and consent of the Legislative Assembly of the Province of British Columbia, enacts as follows:

Business Corporations Act

1 Section 399.2 of the Business Corporations Act, S.B.C. 2002, c. 57, is amended

(a) by repealing subsection (2) (h) and substituting the following:

(h) respecting the form or manner in which the registrar may accept records, filings, applications, information, forms, notices and fees

(i) in matters governed under this section,

(ii) in respect of foreign entities from a designated province, and

(iii) in respect of foreign entities from a designated province that are registered as extraprovincial companies; ,

(b) by repealing subsection (3) (a) and substituting the following:

(a) setting out the powers and duties of the registrar in relation to

(i) matters governed by regulations made under this section,

(ii) foreign entities from a designated province, and

(iii) foreign entities from a designated province that are registered as extraprovincial companies; , and

(c) in subsection (3) (b) by striking out "companies recognized under this Act," and substituting "companies,".

2 Item 1 of the Schedule is amended in Column 1 by striking out "amalgamation or restoration or restoration of a company" and substituting "amalgamation or restoration of a company".

3 Item 2 of the Schedule is amended in Column 1 by striking out "restoration of an extraprovincial company" and substituting "reinstatement of an extraprovincial company".

Business Number Act

4 Section 5 of the Business Number Act, S.B.C. 2003, c. 50, is repealed and the following substituted:

Collection of business information — form and manner

5  If a business entity

(a) provides a public body with information under a designated enactment, or

(b) supplies or intends to supply goods or services to a public body,

the public body may require the business entity to provide business information to the public body in the form and manner required by that public body.

5 Section 7 is repealed and the following substituted:

Use of business number

7  When a business entity

(a) provides a public body with information under a designated enactment, or

(b) supplies or intends to supply goods or services to a public body,

the public body may require the business entity to provide its business number.

Cooperative Association Act

6 Section 178.4 of the Cooperative Association Act, S.B.C. 1999, c. 28, is amended

(a) by repealing subsection (2) (i) and substituting the following:

(i) respecting the form or manner in which the registrar may accept records, filings, applications, information, forms, notices and fees

(i) in matters governed under this section,

(ii) in respect of extraprovincial corporations from a designated province, and

(iii) in respect of extraprovincial corporations from a designated province that are registered as extraprovincial associations; ,

(b) by repealing subsection (3) (a) and substituting the following:

(a) setting out the powers and duties of the registrar in relation to

(i) matters governed by regulations made under this section,

(ii) extraprovincial corporations from a designated province, and

(iii) extraprovincial corporations from a designated province that are registered as extraprovincial associations; , and

(c) in subsection (3) (b) by striking out "associations incorporated or continued under this Act," and substituting "associations or persons or eligible organizations,".

7 Section 199 (a.3) is amended by adding ", or of the regulations," after "of this Act".

Credit Union Incorporation Act

8 Section 83 of the Credit Union Incorporation Act, R.S.B.C. 1996, c. 82, is amended by renumbering the second subsection (3) as subsection (5).

Financial Institutions Act

9 Section 1 of the Financial Institutions Act, R.S.B.C. 1996, c. 141, is amended

(a) in subsection (1) in the definition of "insurance business" by striking out "means the business of" and substituting "means", and

(b) by adding the following subsection:

(5) An activity referred to in paragraph (a) of the definition of "insurance business" in subsection (1), whether or not the activity is conducted in British Columbia, is conclusively deemed for the purposes of this Act to constitute the carrying on of insurance business in British Columbia if the risk or peril is located in British Columbia.

10 Section 76 (1) is amended

(a) by striking out "and" at the end of paragraph (b), and

(b) by repealing paragraph (c) and substituting the following:

(c) an insurance agent licensed under Division 2 of Part 6 who is authorized by the resident to effect the contract of insurance may negotiate or procure a contract of insurance between a resident of British Columbia and an insurer prohibited by section 75 from carrying on business in British Columbia, subject to the requirements or conditions, if any, imposed by regulation,

(d) an insurer referred to in paragraph (c) may, without a business authorization, enter into a contract of insurance in the circumstances set out in that paragraph, and

(e) a person or insurer is exempted from the requirement to have a business authorization to carry on insurance business when permitted by the regulations.

11 Section 289 (3) is amended by adding the following paragraphs:

(g.1) for the purposes of section 76 (1) (c),

(i) establishing requirements or conditions that must be met by an insurance agent referred to in that section, and

(ii) establishing circumstances that must be present,

before, during or after negotiating or procuring a contract of insurance,

(g.2) for the purposes of section 76 (1) (e), exempting a person or insurer from the requirement to have a business authorization, unconditionally, on conditions or in specified circumstances, .

Mortgage Brokers Act

12 Section 8 of the Mortgage Brokers Act, R.S.B.C. 1996, c. 313, is amended

(a) by repealing subsection (1) and substituting the following:

(1) After giving a person registered under this Act an opportunity to be heard, the registrar may do one or more of the following:

(a) suspend the person's registration;

(b) cancel the person's registration;

(c) order the person to cease a specified activity;

(d) order the person to carry out specified actions that the registrar considers necessary to remedy the situation;

if, in the opinion of the registrar, any of the following paragraphs apply:

(e) the person would be disentitled to registration if the person were an applicant under section 4;

(f) the person is in breach of this Act, the regulations or a condition of registration;

(g) the person is a party to a mortgage transaction that is harsh and unconscionable or otherwise inequitable;

(h) the person has made a statement in a record filed or provided under this Act that, at the time and in the light of the circumstances under which the statement was made, was false or misleading with respect to a material fact or that omitted to state a material fact, the omission of which made the statement false or misleading;

(i) the person has conducted or is conducting business in a manner that is otherwise prejudicial to the public interest;

(j) the person is in breach of a provision of Part 2 or 5 of the Business Practices and Consumer Protection Act prescribed under section 9.1 (2). ,

(b) in subsection (1.1) by striking out "paragraphs (b) to (e)" and substituting "paragraphs (f) to (i)",

(c) by adding the following subsections:

(1.2) After giving a person who was formerly registered under this Act an opportunity to be heard, the registrar may do one or both of the following:

(a) order the person to carry out specified actions that the registrar considers necessary to remedy the situation;

(b) order the person to pay an administrative penalty of not more than $50 000;

if, in the opinion of the registrar, any of paragraphs (f) to (i) of subsection (1) applied to the person while the person was registered.

(1.3) After giving a person registered under this Act an opportunity to be heard, the registrar may do one or more of the following:

(a) suspend the person's registration;

(b) cancel the person's registration;

(c) order the person to cease a specified activity;

(d) order the person to carry out specified actions that the registrar considers necessary to remedy the situation;

if the person

(e) has been convicted of an offence in Canada or another jurisdiction arising from business, a transaction or a course of conduct related to mortgages, mortgage brokerage, real estate, insurance or securities, or

(f) has been found by a regulator or court in Canada or another jurisdiction to have contravened the laws of the jurisdiction respecting mortgages, mortgage brokerage, real estate, insurance or securities.

(1.4) After giving a person an opportunity to be heard, the registrar may do one or more of the following:

(a) order the person to cease a specified activity;

(b) order the person to carry out specified actions that the registrar considers necessary to remedy the situation;

(c) order the person to pay an administrative penalty of not more than $50 000;

if, in the opinion of the registrar, the person was or is carrying on business as a mortgage broker or submortgage broker without being registered as required by this Act. , and

(d) by repealing subsections (2) and (3) and substituting the following:

(2) If the length of time that would be required to give a person an opportunity to be heard under subsection (1), (1.2), (1.3) or (1.4) would, in the registrar's opinion, be prejudicial to the public interest, the registrar may, without giving the person an opportunity to be heard, suspend a registration under subsection (1) (a) or (1.3) (a) or make an order under subsection (1) (c) or (d), (1.2) (a), (1.3) (c) or (d) or (1.4) (a) or (b).

(3) If under subsection (2) the registrar suspends registration or makes an order without giving a person an opportunity to be heard, the registrar must promptly send written notification of the suspension or order to the person and to the tribunal.

13 Section 8.1 is amended

(a) in subsection (1) by striking out "an order under section 8 (1), imposing an administrative penalty," and substituting "an order under section 8", and

(b) by repealing subsection (2) and substituting the following:

(2) An order of the registrar filed under subsection (1) has the same force and effect, and all proceedings may be taken on the order, as if it were an order of the Supreme Court.

14 Section 9 (3) is amended by adding "or an order" after "suspension of registration".

Partnership Act

15 Section 131 of the Partnership Act, R.S.B.C. 1996, c. 348, is amended

(a) by repealing subsection (2) (j) and substituting the following:

(j) respecting the form or manner in which the registrar may accept records, filings, applications, information, forms, notices and fees

(i) in matters governed under this section, and

(ii) in respect of foreign partnerships, limited partnerships and extraprovincial limited liability partnerships from a designated province; , and

(b) by repealing subsection (3) (a) and substituting the following:

(a) setting out the powers and duties of the registrar in relation to

(i) matters governed by regulations made under this section, and

(ii) foreign partnerships, limited partnerships and extraprovincial limited liability partnerships; .

Securities Act

16 Section 1 (1) of the Securities Act, R.S.B.C. 1996, c. 418, is amended by adding the following definitions:

"auditor oversight body" means a self regulatory body that

(a) regulates the auditing or review of financial statements that are required to be filed under this Act, and

(b) is recognized under section 24;

"self regulatory body" means a regulatory body other than a government or governmental authority; .

17 The following sections are added:

Duties of auditor oversight body

32.1  For the purposes of section 26, an auditor oversight body is not required to regulate the operations, standards of practice and business conduct of its members or participants except to the extent that the regulation relates to the auditing or review of financial statements that are required to be filed under this Act.

Auditor oversight body may adopt rules, standards or policies

32.2  For the purposes of performing its duties under section 26, an auditor oversight body may adopt a rule, standard or policy for regulating its members or participants on the basis that a government, a governmental authority or another regulatory body applies the same rule, standard or policy.

Auditor oversight body may require disclosure

32.3  (1) If a member or participant of an auditor oversight body receives from the auditor oversight body a written request to provide information or records relevant to the auditing or review of financial statements that are required to be filed under this Act, the member or participant must provide the information or records specified, or that are within the class described, in the request, including information or records relating to or prepared by an issuer whether or not the issuer is named in the request.

(2) An auditor oversight body may, in a written request under subsection (1), specify a reasonable time or interval when the information or records are to be provided to the auditor oversight body.

(3) For greater certainty, if a member or participant of an auditor oversight body is in possession of information or a record that is subject to solicitor-client privilege, the member or participant must not provide the information or record to the auditor oversight body unless the person, in respect of which the solicitor-client privilege exists, consents to its disclosure.

(4) If a person consents to the disclosure to an auditor oversight body of information or a record that is subject to solicitor-client privilege, the consent neither negates nor constitutes a waiver of solicitor-client privilege and the privilege continues for all other purposes.

Directors, officers of auditor oversight body not compellable

32.4  An auditor oversight body or a director, officer, employee or agent of an auditor oversight body must not be required to testify or produce evidence, in any proceeding to which the auditor oversight body is not a party other than a criminal proceeding, about records or information obtained in the discharge of the auditor oversight body's duties.

18 Section 141 (2) is amended by adding the following paragraph:

(n) a person recognized under section 24.

19 Section 170 (1) is amended

(a) by striking out "a member of a designated organization, an officer," and substituting "a director, officer,", and

(b) by adding "an audit oversight body, a director, officer, servant or agent of an audit oversight body," before "an employee appointed to administer this Act".

20 Section 183 is amended by adding the following paragraph:

(35.1) imposing restrictions or requirements on a registrant, or suspending a registrant, if the registrant does not pay a fee required under this Act; .

21 Section 183 is amended by adding the following paragraph:

(45.4) prescribing classes of documents or records to which the commission or executive director must not have access when exercising a power under Part 4 or 17 in relation to an auditor oversight body; .

22 Section 184 (2) (c) is amended by adding "(35.1)," after "(35),".

Trade, Investment and Labour Mobility Agreement Implementation Act

23 Section 44 of the Trade, Investment and Labour Mobility Agreement Implementation Act, S.B.C. 2008, c. 39, is amended by striking out "section 16" in both places and substituting "sections 16".

24 Section 48 is amended by striking out "section 16 (3)" in both places and substituting "16 (3)".

Commencement

25  The provisions of this Act referred to in column 1 of the following table come into force as set out in column 2 of the table: