Amendments to Securities Act Introduced

Amendments to the Securities Act introduced today, April 24, build on previous measures to enhance consumer protection and streamline and harmonize securities rules with other provinces.

The amendments, introduce by Michael Baker, Minister responsible for the Securities Act, will enable Nova Scotia to participate in a planned national registration system. It will allow securities market participants to use laws harmonized across Canada, when dealing with provincial regulators.

Other amendments will give the Nova Scotia Securities Commission enforcement-related powers to enhance consumer protection.

"A streamlined registration process across Canada will help remove barriers and reduce costs for investment companies selling mutual funds and other securities," said Mr. Baker. "Companies registered in one province will not have to repeat the process in nine others. This is a key part of the national passport initiative to improve securities regulation across Canada."

The amendments are the latest in a series of legislative and regulatory changes made across Canada since 2005, as part of the Provincial-Territorial Memorandum of Understanding Regarding Securities Regulation.

Participating provinces are committed to implement a passport system to streamline access to capital markets across Canada.

The bill also contains a number of housekeeping changes, mainly to clarify wording.

A fact sheet on the amendments to the Securities Act is available on the website at www.gov.ns.ca/nssc .