Alberta is proposing a series of changes to its securities laws, including measures to bolster the investigative and enforcement powers of the Alberta Securities Commission (ASC).
Bill 6 – Securities Amendment Act, 2016 received first reading on April 7. Among other things, the proposed changes: authorize a justice of the peace to issue search warrants instead of a judge; reduce the notice period required for people being summoned to attend an interview with the ASC’s investigators or to appear at a hearing; and amend the section of the Securities Act dealing with halt trade orders.
Other aspects of Bill 6 would update civil liability provisions; revise the provisions that deal with the recognition of exchanges, clearing agencies, credit rating organizations and trade repositories; and expand the ASC’s ability to make rules to enhance derivatives regulation.
The proposed amendments “are intended to enhance the protection of Alberta investors, promote the operation of a fair and effective Alberta capital market, and manage and minimize systemic risks,” Alberta Treasury Board and Finance (ATBF) says on its website.
The changes also aim to improve harmonization between Alberta securities laws and the laws in other jurisdictions.
“Alberta must ensure that its securities regulatory system reflects the realities of today’s markets and evolves with international standards and global regulatory reform initiatives. This requires continuous review and updating of securities laws as the securities landscape becomes increasingly more complex and driven by technology,” ATBF adds.
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