Bill No. 129
Securities Act (amended)
An Act to Amend Chapter 418 of the Revised Statutes, 1989, the Securities Act
Honourable Randy Delorey
Minister responsible for the Securities Act
|First Reading||November 20, 2015|
|Second Reading Debates||November 24, 2015|
|Second Reading Passed||November 24, 2015|
|Law Amendments Committee|
|Meeting Date(s)||November 30, 2015|
|Reported to the House||December 1, 2015|
|Committee of the Whole House||December 3, 2015|
|Third Reading Debates||December 4, 2015|
|Third Reading||December 4, 2015|
|Royal Assent||December 18, 2015|
|Commencement||December 18, 2015; except s. 6 : February 17, 2016; and ss. 4 and 7: December 13, 2016.|
|2015 Statutes, Chapter 51||View|
(a) expands the types of retention directions that the Nova Scotia Securities Commission may issue;
(b) expands the time the Commission has before it must apply to the Supreme Court of Nova Scotia for a retention order from 7 days to 10 days; and
(c) creates a test to be satisfied before the Court may issue a retention order.
Clause 2 expands the scope of who may be subject to a compliance examination to include issuers that rely on prospectus exemptions to raise capital and persons and companies in the derivatives market.
Clause 3 expands the authority for conducting disclosure reviews to include reviews of non-reporting issuers.
(a) revises a provision to make it gender neutral; and
(b) facilitates the delivery of a summary disclosure document for exchange-traded funds to a purchaser by requiring that the disclosure document be sent to the purchaser by the dealer who acts as the agent for the purchaser.
Clause 5 removes a reference to a repealed subsection.
Clause 6 clarifies the potential scope of a cease-trade order made by the Commission or the Director of the Commission.
Clause 7 creates a right of action for rescission or damages against the dealer for a purchaser of certain investment fund securities to whom a required disclosure document was not sent or delivered in compliance with the regulations.
Clause 8 suspends the running of the limitation period applicable to an action for misrepresentation while a motion for leave to commence the action is being pursued.
Clause 9 amends and clarifies the authority for the Governor in Council to make regulations or the Commission to make rules to authorize regulations or rules
(a) prescribing the circumstances in which a person or company is subject to an order imposing sanctions, conditions, restrictions, prohibitions or requirements, and the circumstances in which such orders may be varied or revoked;
(b) in support of the new disclosure requirements applicable when exchange-traded fund securities are being purchased; and
(c) determining who is, and who is not, a reporting issuer.
Clause 10 revises an unproclaimed amendment to subsection 29C(1) of the Securities Act to account for the amendments made by this Act.
Clause 11 provides that parts of this Act come into force upon proclamation.