The Canadian Securities Administrators’ Uniform Securities Transfer Act Task Force is releasing the version of the proposed provincial Uniform Securities Transfer Act, and related comments, which was approved by the Uniform Law Conference of Canada on August 26.

The ULCC-approved version of the USTA, together with previous consultative drafts, and related material (including comments received) is posted to the Ontario Securities Commission’s web site. An earlier draft USTA was released for public comment August 1, 2003. A revised consultative draft USTA was released for public comment May 28.

The task force reports that during the public consultation process, it received strong letters of support from securities and financial industry representatives and lawyers urging prompt, uniform implementation of the USTA. Similar comments on the USTA were expressed at public hearings of the Ontario Legislative Assembly’s Standing Committee on Finance and Economic Affairs. Its report recommends that the Ontario government introduce securities transfer legislation.

The task force says that it will work to assist the provinces and territories to implement the USTA. The mandate of the task force is to promote uniform implementation by the common law jurisdictions, and encourage Québec to consider implementation that is as close-to-uniformity as possible in the context of its civil law regime.