Securities Act Changes Will Strengthen Regulation and Protect Whistleblowers

Nova Scotia’s investors are gaining protection and benefits consistent with best practices across the country.

Amendments introduced today, April 6, will ensure consistency with other provinces and improve enforcement of securities laws.

“Industry and consumers benefit from effective and harmonized securities rules,” said Finance and Treasury Board Minister Labi Kousoulis. “These changes will help increase confidence on the part of investors and businesses who raise capital.”

The Nova Scotia Securities Commission will have greater compliance and enforcement abilities with new provisions under the Nova Scotia Securities Act. New statutory offences will be created for obstructing or interfering with hearings, investigations or inspections, and for aiding, abetting or counselling a person or company to breach provincial securities laws.

Whistleblowers will have greater protection to report information on serious securities or derivatives-related misconduct.

Quotes:

“The amendments will enhance the protection of Nova Scotians by providing additional tools to strengthen the commission’s ability to enforce compliance with securities laws and cooperation with our staff, as well as include a useful tool against individuals who are involved in financial misconduct such as market manipulation or insider trading. We also support the addition of protections for whistleblowers who report misconduct.”

– Paul Radford, chair, Nova Scotia Securities Commission

Quick Facts:

• Nova Scotia is committed to harmonizing securities regulation and improved enforcement of securities laws in Canada
• the proposed amendments have either already been implemented in other Canadian jurisdictions or are part of a harmonized initiative with other Canadian securities regulators