The B.C. Securities Commission says anyone who hasn't paid fines related to investment misconduct is at risk of losing their vehicle insurance, renewal of a driver's licence or plates.
It says in a release that Canada's first such law was passed in B.C. in 2019 and has now come into effect, giving the commission powers to block driving privileges if the amount owed is $3,000 or more.
Driving privileges at risk for those who don’t pay BCSC penalties: https://t.co/rRyQlUhTe2 pic.twitter.com/PSe6GOTK3Q
— BC Securities Commission (@BCSC_Info) March 31, 2021
Commission CEO Brenda Leong says the consequences would impact daily life for people whose actions harm investors and capital markets.
Financial sanctions can be ordered by a commission panel or a court when either has determined an individual violated the Securities Act.
The commission says individuals could also be ordered to pay the amount they obtained through the misconduct, which would then be paid to investors who suffered financial losses.
It says all monetary sanctions are registered with the Supreme Court of British Columbia, giving it the same force as if it issued a judgment.
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