Amendments Improve Securities Enforcement

Nova Scotians will benefit from increased protection and improved enforcement under proposed amendments to the Nova Scotia Securities Act.

"We're committed to providing the best protection possible for Nova Scotia investors," said Kerry Morash, Minister of Environment and Labour. "By strengthening our compliance and enforcement options, we will improve the Securities Commission's ability to protect investors."

Changes to the Nova Scotia Securities Act include:

• Changes to definitions and penalties that will bring the Securities Act in line with acts in other Canadian provinces, and improve the commission's powers of compliance and enforcement

• Allowing the securities commission staff, with written authorization by the commission, to enter the business premises of a person or company being examined, and obtain information about their financial and business affairs necessary for the enforcement of the Act

• Increasing the administrative penalty that the commission may impose from $100,000 to $500,000.

Mr. Morash said Nova Scotia's Securities Act can only provide effective protection for investors if it is kept up-to-date. The proposed amendments are consistent with the government's commitment to work with other jurisdictions to harmonize securities regulation.