The Saskatchewan Financial Services Commission reports that its Securities Amendment Act 2005 comes into force on June 1.

The act will implement provisions to allow it to adopt the passport system of securities regulation. A new section is being added to give the commission new powers to implement the passport system, including the power to delegate and accept a delegation, the power to adopt or incorporate the laws of another jurisdiction, the power to grant exemptions based on the fact that an issuer or trade is in compliance with the laws of another jurisdiction, and the power to adopt decisions of other jurisdictions.

New definitions are being added, and existing definitions amended or repealed to align provisions in the Act with new national rule regarding investment fund continuous disclosure. Among other things, the amendment act also contains a series of amendments that reflect the implementation of a national instrument regarding prospectus and registration exemptions.

The SFSC’s enforcement powers are also being expanded to allow it to order payment of an administrative penalty to situations where a person or company has failed to comply with an undertaking to the commission or director.