Amendments Harmonize Securities Legislation to National Standard

Government is improving investor protection through amendments to the Securities Act introduced today, Nov. 20.

The changes promote harmonized securities legislation in Canada, something supported by Nova Scotia as a member of the Canadian Securities Administrators.

Changes include:

• enabling implementation of stage three of the harmonized point-of-sale disclosure requirements for investment funds, which will require a fact sheet be made available for the sale of Exchange Traded Funds
• enabling the expansion of the passport filing system used across Canada, reducing the regulatory burden on market participants
• ensuring investors involved in legal proceedings are not unfairly impacted by the limitation of action provision
• improving investor protection by expanding the number of tools available to the Nova Scotia Securities Commission to conduct compliance and enforcement activities

Some out-of-date provisions will also be updated or eliminated.

The Securities Act provides investors with protection from practices and activities that undermine investor confidence in the fairness and efficiency of capital markets and fosters the process of capital formation. This act is administered by the Nova Scotia Securities Commission.