The Securities Amendment Act, 2005 was given first reading in the Saskatchewan legislative assembly on November 16.

The Saskatchewan Financial Services Commission notes that the act would give the commission new powers to implement the passport system of securities regulation.

These include: the power to delegate and accept a delegation, the power to adopt or incorporate the laws of another jurisdictions, the power to grant exemptions based on the fact that issuer or trade is in compliance with the laws of another jurisdiction, and the power to adopt decisions of other jurisdictions.

It also adds new definitions, and existing definitions are amended, to align provisions in the Act with new rules regarding investment fund continuous disclosure. It introduces amendments regarding the national rule for prospectus and registration exemptions.

There are a series of amendments to the enforcement provisions to broaden them, including: expanding the power to issue a cease trade to include where a person or company has failed to comply with an undertaking to the commission; and, adding the power to order costs against directors and officers of an issuer.

It would also add the power to require evaluations of reporting issuers’ internal controls.