As seen below, the BCSC is quite capable of also making rules, found on page 12 of their Budget PDF. The segment would not copy for me, so I am typing it verbatum, where I deem it very important and pertaining to our situation.

"Policy-Making

We have the authority under the Securities Act to make rules. We also issue guidance to help market participants understand the rules. We use these tools when regulatory intervention into the market is justified and other tools are insufficient to address the reason for the intervention."

http://www.bcbudget.gov.bc.ca/2013/sp/pdf/agency/bcsc.pdf