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May 10, 2002

Securities Act Amendments

An Act to Amend the Securities Act S.P.E.I. 2002, Cap. 43 has been given royal assent, May 10, 2002. The amendments:

  • permit extension of the definition of "distribution" by regulation (s. 1(f))
  • clarify and update the regulation and rule-making powers (s. 1(u.1), 35, 39)
  • strengthen the prohibitory language of the restriction on misrepresentations relating to prospectus filings and extend the prohibition to misrepresentations relating to registrants (s. 15)
  • provide for a power in the Director to exempt from any requirement of the Act or the regulations either on application or with the approval of the Minister
Sections of the 2002 Amendment Act relating to the transfer of the fees schedule from the regulations to the Act came into force on December 15, 2002.

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