Legislation Opens Onewindow Access to Securities

first_img Nova Scotia’s securities laws will be in line with those in otherCanadian jurisdictions, as a result of changes proposed today,April 25, to the Nova Scotia Securities Act. Investors will alsobe better protected with the new changes that allow for mutualenforcement of orders and decisions. “This update to the securities legislation is a win-win situationfor both investors and businesses,” said Minister of Environmentand Labour Kerry Morash. “The changes to the Securities Actstreamline processes to make it easier for companies to dobusiness here in Nova Scotia, and provide improved protection forconsumers by strengthening enforcement and compliance powers.” Changes to the Nova Scotia Securities Act include: the creation of a one-window passport system for Canadian securities jurisdictions. Businesses would be able to access capital markets in participating provinces and territories after registering in just one jurisdiction. Decisions would be more timely and the processes more efficient and seamless to the market participant; further harmonization of Nova Scotia’s securities laws with those of other jurisdictions to provide more consistent regulation across Canada; enhanced enforcement and compliance powers to strengthen investor protection. It will make it easier to enforce orders and decisions of other provinces’ securities commissions in Nova Scotia, and make it easier for other jurisdictions to enforce the Nova Scotia Securities Commission’s decisions and orders. ENVIRONMENT/LABOUR–Legislation Opens One-window Access toSecuritiescenter_img The legislation fulfills Nova Scotia’s commitment to theProvincial/Territorial Memorandum of Understanding RegardingSecurities Regulation signed on April 7. Mr. Morash said the changes will inspire increased investorconfidence. He said Nova Scotia is committed to working withother provinces and territories to improve securities regulationto support competitiveness, innovation and growth. Efficient,harmonized and cost-effective securities regulation will helpimprove the industry nationwide. Once the legislation is enacted, the passport system will allowNova Scotia to accept the work done by securities regulators inother provinces; in turn, other provinces will be able to acceptNova Scotia’s work. “Amending the Securities Act is a simple first step, but animportant one to start the passport process,” said Mr. Morash. “That process will significantly cut down on duplication andpromote greater sharing of authority among regulators. That meansmarket participants will be able to do business across most ofthe country by dealing with only one regulator and onejurisdiction’s rules.” Consultation on the one-window passport system began withCanadian Securities Administrators Blueprint for UniformSecurities Laws issued in December 2003. The passport system willhave highly harmonized laws across Canada by 2006.last_img

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