Released on May 12, 2004
Amendments to Saskatchewan securities legislation introduced today provide important new protection for Saskatchewan investors."A healthy and vibrant securities marketplace depends on a modern regulatory structure," Justice Minister Frank Quennell said. "The amendments will ensure that Saskatchewan's securities law remains up-to-date and consistent with the legislation in other jurisdictions."
The amendments require that securities firms and their employees deal honestly, fairly and in good faith with their clients. They also prohibit unfair practices and broaden the scope of current prohibitions on market manipulation.
The amendments also harmonize Saskatchewan legislation with other provinces by providing the Saskatchewan Financial Services Commission with authority to set minimum governance standards including:
- requiring issuers to have an audit committee of independent directors; and
- requiring CEOs and CFOs to certify that their financial statements do not contain any misrepresentations, and that they fairly represent the financial condition of the company.
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For More Information, Contact:
| Andrew Dinsmore Justice Regina Phone: (306) 787-8606 |