News Release Archive
JUSTICE--SECURITIES ACT AMENDED ----------------------------------------------------------------- Justice Minister Bill Gillis today brought forward amendments to the Securities Act designed to harmonize the legislation with other provinces. The amendments offer protection for investors, and assist small business in seeking capital. The amendments also reduce overlap and duplication in the regulation of securities trading. There are also administrative amendments designed to clarify the legislation. The act continues to recognize the protection of investors as a first principle. It also recognizes capital formation as an important objective -- as long as there is an adequate level of investor protection in place. In other words, the amendments now provide the statutory framework that more clearly integrates the goals of investor protection, and easier, less costly capital formation by small business issuers. The amendments also reduce overlap and duplication among the provinces that regulate securities trading in Canada. The amendments provide the framework which gives rule-making authority to the Nova Scotia Securities Commission, which is in keeping with a growing number of provinces across the country. Under this framework, the rules of the commission can be vetoed by the Governor-in-Council, and the rules of the commission cannot overrule regulations made by the Governor-in-Council. In this way, Nova Scotia will be part of a harmonized security regime that benefits both investors and issuers. General administrative amendments are also proposed. A number of definitions are clarified, and issues that have arisen as a result of the administration of the Act are addressed. "These amendments allow the commission to continue to function effectively, and in harmony with other jurisdictions," said Dr. Gillis. "It is vital that Nova Scotia keeps pace with other provinces if business development is to occur, and investors are to be protected." -30- Contact: Michele McKinnon 902-424-6811 trp Mar. 29, 1996 - 11:15 a.m.