News Release Archive

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

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."


Contact: Michele McKinnon  902-424-6811

trp                       Mar. 29, 1996 - 11:15 a.m.