SIMA calls for transparency and fee discipline in BCSC regulatory review
Cumulative burden raising alarm
SIMA’s core concern is that advisors and firms are simultaneously absorbing fee changes from multiple directions such as CSA system fee hikes, major regulatory initiatives such as Total Cost Reporting, and now a BCSC review, all within a compressed timeframe.
The association argues that each increase may appear reasonable in isolation, but the cumulative impact on multi-provincial registrants is substantial.
Andy Mitchell, President and CEO of SIMA, said the solution lies in better planning frameworks rather than repeated fee hikes.
“Regulatory fees should be set within a multi-year framework with accurate cost forecasting so firms can plan, invest, and innovate with confidence,” he said.
AI and automation questioned over fee hike on filings
One of SIMA’s more pointed submissions targets the proposed 50% increase in exempt distribution report filing fees (from $200 to $300), which would mark the second major overhaul of that fee in three years. The association argues that instead of raising fees, the BCSC should explore whether artificial intelligence and automation could streamline what it describes as “highly prescribed reports” that are “ripe for automation and AI-driven efficiencies.”
