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

1 Section 1 (1) of the Securities Act, R.S.B.C. 1996, c. 418, is amended in the definition of "decision" by striking out "means a direction," and substituting ", in relation to the commission, the executive director or a designated organization, means a direction,".

2 Section 162 (a) (ii) is amended by striking out "a decision," and substituting "a decision of the commission, the executive director or a designated organization,".

3 Section 163 is amended

(a) by adding the following subsections:

(1.1) Subject to subsection (1.3) and the regulations, if a prescribed self regulatory body has made a decision after a hearing, the self regulatory body may file the decision at any time in a Supreme Court registry by filing a certified copy of the decision.

(1.2) If, after a hearing and review under section 28, the commission has made a decision in respect of a decision of a self regulatory body referred to in subsection (1.1) of this section, the self regulatory body may file the commission's decision at any time in a Supreme Court registry by filing a certified copy of the decision.

(1.3) A self regulatory body referred to in subsection (1.1) must not file a decision under that subsection if

(a) the 30-day period referred to in section 165 (3) has not expired, or

(b) the executive director or a person directly affected by the decision has applied to the commission under section 28 (1) for a hearing and review of the decision and the application has not been withdrawn. , and

(b) in subsection (2) by striking out "On being filed under subsection (1), a decision of the commission" and substituting "On being filed under subsection (1), (1.1) or (1.2), the decision".

4 Section 183 is amended

(a) in paragraph (28) by striking out "prescribing those decisions" and substituting "prescribing classes of decisions", and

(b) by adding the following paragraph:

(28.1) for the purpose of section 163 (1.1), prescribing

(i) classes of decisions that must not be filed under that subsection, and

(ii) conditions, restrictions or requirements in relation to decisions that are permitted to be filed under that subsection; .

5 Section 184 is amended

(a) in subsection (2) (b) by striking out "sections 143 (4) and 183 (50) and (51)" and substituting "sections 143 (4) and 183 (28.1), (50) and (51)", and

(b) in subsection (4) by striking out "section 183 (3)to (5), (26), (28), (29)," and substituting "section 183 (3) to (5), (26), (28), (28.1), (29),".

Commencement

6  This Act comes into force by regulation of the Lieutenant Governor in Council.

 
Explanatory Notes

SECTION 1: [Securities Act, section 1] amends the definition of "decision" to limit the scope of the definition's application, thereby allowing decisions not made under statutory authority to be filed with the Supreme Court.

SECTION 2: [Securities Act, section 162] is consequential to amendments made by this Bill to section 163 of the Act.

SECTION 3: [Securities Act, section 163]

• empowers a self regulatory body, if prescribed by regulation, to file a decision with the Supreme Court if the decision is made following a hearing;
• if an application is made to the British Columbia Securities Commission to review a self regulatory body's decision, empowers the self regulatory body to file with the Supreme Court the commission's decision arising from that review;
• prevents a self regulatory body from filing its decision with the Supreme Court until the time to file an application for a review of that decision has expired;
• prevents a self regulatory body from filing its decision with the Supreme Court if a person that is affected by the decision of the self regulatory body files an application for review of that decision;
• if a decision is filed with the Supreme Court, empowers the self regulatory body to act on the decision as if it were a judgment of that court.

SECTION 4: [Securities Act, section 183]

• clarifies a reference;
• provides that regulations may be made to limit the type of decision that may be filed with the Supreme Court;
• provides that regulations may be made to specify conditions that must be met before a decision may be filed with the Supreme Court or may be made to impose restrictions or requirements on self regulatory bodies that file decisions.

SECTION 5: [Securities Act, section 184] provides that the regulations contemplated by section 183 (28.1) of the Act, as added by this Bill, may be made by the Lieutenant Governor in Council and not the British Columbia Securities Commission.