Nova Scotia is continuing to improve investor protection and will be working more with other provinces through amendments to the Securities Act introduced today, April 22.
“Nova Scotian investors expect securities regulations to be up-to-date and to provide the best possible protection for their investment,” said Diana Whalen, Minister responsible for the Nova Scotia Securities Commission, in a release. “These amendments will strengthen the ability of the securities commission to protect Nova Scotians and enforce the Securities Act.”
One key amendment is to introduce a reporting regime for derivatives. Currently, Nova Scotia does not regulate derivatives. Nova Scotia is a member of the Canadian Securities Administrators and works with the other provinces to harmonize regulations across the country. Canada, as part of an agreement among G20 countries, has committed to make the industry more transparent, including better regulating the derivatives market.
Other amendments include:
- streamlining information sharing for enforcement;
- confirming the authority of securities commission staff to review self-regulating organizations;
- expanding insider trader prohibitions by widening the definition of who is in a special relationship with a reporting issuer;
- expanding market manipulation and fraud prohibitions to include attempts; and
- streamlining how cease trade orders are issued for inadequate disclosure in the marketplace.