BILL NO. 85
3rd Session, 63rd General Assembly
70 Elizabeth II, 2021
The Honourable Labi Kousoulis
Minister responsible for the Securities Act
First Reading: April 6, 2021
Second Reading: April 7, 2021
Third Reading: April 15, 2021 (LINK TO BILL AS PASSED)
(a) requires individuals and companies to comply with written undertakings they give to the Nova Scotia Securities Commission or a Director, as defined in the Securities Act;
(b) prohibits the withholding, concealment and destruction of information, documents, records and things that may be required for a proceeding, investigation, examination or inspection; and
(c) prohibits the obstruction of a member, employee or agent of the Commission from performing duties under the Securities Act.
Clause 2 creates an offence for aiding, abetting or counselling a person or company to contravene Nova Scotia securities laws.
Clause 3 prohibits reprisals against a person who seeks advice about making a disclosure of wrongdoing, makes a disclosure, gives evidence at a hearing or co-operates with a review, investigation, examination or inspection.
Clause 4 allows the Governor in Council to make regulations and the Commission to make rules creating requirements for registrants or categories or subcategories of registrants, including requirements
(a) to use specified titles;
(b) that apply to non-residents;
(c) respecting a dispute-resolution process;
(d) respecting the handling of complaints;
(e) respecting systems of control and supervision; and
(f) respecting referral arrangements.
1 Chapter 418 of the Revised Statutes, 1989, the Securities Act, is amended by adding immediately after Section 29EA the following Sections:
- 29EB A person or company that gives an undertaking in writing, including by electronic means, to the Commission or Director shall comply with the undertaking.
29EC (1) A person or company shall not and shall not attempt to withhold, conceal or destroy any information, document, record or thing that is reasonably required for a hearing, an opportunity to be heard, a review, an investigation, an examination or an inspection under Nova Scotia securities laws, if the person or company knows or reasonably ought to know that the hearing, opportunity to be heard, review, investigation, examination or inspection is being, or is likely to be, conducted.
- 132C No person or company shall do or omit to do anything the person or company knows or reasonably ought to know aids, abets or counsels any other person or company to contravene Nova Scotia securities laws.
- 148A (1) A person or company shall not take any measure of reprisal against another person, or counsel or direct that any measure of reprisal be taken against another person, solely by reason that the other person has, in good faith,
(c) co-operated with a review, investigation, examination or inspection under this Act, in relation to criminal law relating to securities or derivatives, or under the by-laws or similar instruments of a recognized self-regulatory organization.
(2) For the purpose of subsection (1), a measure of reprisal is any measure taken against a person that adversely affects the person's employment or contract for services, and includes but is not limited to
(4) Subsection (1) does not limit a person's right to any other remedy that the person may have, including, in the case of an employee, the employee's right to a remedy available to the employee under a collective agreement or contract.
- (iv) requirements that any person or company registered under this Act use specified titles,
- (A) requirements with respect to participation in a dispute-resolution process, including a dispute-resolution process by a complaint-resolution service,
(viii) requirements with respect to systems of control and supervision, including requirements respecting the appointment and registration of individuals responsible for those systems, and the responsibilities of those individuals, and
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