Released on November 28, 2018
The Government of Saskatchewan introduced The Securities Amendment Act, 2018 for second reading in the Legislature today. The bill outlines a number of measures that enhance enforcement tools and strengthen investor protection.“We are modernizing our securities laws to protect Saskatchewan investors and maintain consistency between jurisdictions,” Justice Minister Don Morgan said. “These new amendments respond to changes in global markets and give regulatory organizations more tools to help investors.”
The bill allows for the regulation of benchmarks, which is necessary in order for Canadian securities and derivatives to trade in European markets.
It also allows for the automatic recognition of enforcement orders made by other Canadian securities regulators. This means a company cease traded in one province will automatically be cease traded in Saskatchewan.
By updating regulation-making authority, this bill would allow for the reform of the complaint resolution process, which assists members of the public in resolving complaints.
Among other changes, the bill also enhances the powers of self-regulatory organizations for the securities industry, by allowing them to file their enforcement decisions with the Court of Queen’s Bench and collect penalties.
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For more information, contact:
Shannon McMillan
Financial and Consumer Affairs Authority
Regina
Phone: 306-798-4160
Email: shannon.mcmillan@gov.sk.ca