Released on July 5, 2004
Saskatchewan securities legislation that provides new protections for investors came into force on July 1st.The new provisions require that securities firms and their employees deal honestly, fairly and in good faith with their clients. The provisions also prohibit unfair practices and any securities activity that defrauds any person.
The provisions also harmonize Saskatchewan's legislation with other provinces by providing the Saskatchewan Financial Services Commission with the authority to take the following actions:
- require issuers to have an audit committee of independent directors; and
- require Chief Executive Officers and Chief Financial Officers to certify that their financial statements do not contain misrepresentations.
"These provisions will strengthen the ability of the Saskatchewan Financial Services Commission to hold to account those who take advantage of investors," Justice Minister Frank Quennell said. "These provisions will also ensure that Saskatchewan's securities law remains current and consistent with legislation in other jurisdictions."
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For More Information, Contact:
| Andrew Dinsmore Justice Regina Phone: (306) 787-8606 |