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Notice 2007-2
NEW SECURITIES ACT
NOTICE OF ROYAL ASSENT
Securities Act
R.S.P.E.I. 1988, Cap. S-3
(Notice 2007-2)
November 2, 2007
This is to advise that a new Securities Act for the province of Prince Edward Island received Royal Assent on November 2, 2007. The new Act will come into force on proclamation.
The new legislation is based on the uniform securities legislation (USL) completed in December, 2003, by the Canadian Securities Administrators (CSA). It also incorporates the wide range of amendments to securities legislation recommended by the Council of Ministers Responsible for Securities Regulation, in particular:
- the tools necessary to implement the streamlined “passport system” of securities regulation under which an issuer or registrant need only deal with a primary regulator in order to operate in all provinces and territories;
- improved enforcement and investor protection provisions.
The Securities Office intends to bring the new legislation into force in coordination with the implementation of the new Passport Rule (National Instrument 11-102 Passport System) by the other CSA jurisdictions. At present adoption of the Passport Rule is proposed for March 17, 2008.
We will continue to provide updates on the implementation of the new Act on this website as matters progress. Please feel free to contact the Securities Office with any questions or concerns.
Katharine Tummon
Director, Consumer, Corporate and Insurance Services Division
Office of the Attorney General
P.O. Box 2000
Charlottetown PE C1A 7N8
(902) 368-4542
kptummon@gov.pe.ca
This information has been taken from website "Securities"