The Saskatchewan Financial Services Commission says that the Securities Amendment Act, 2006 will be coming into force on June 1.

The new act will implement 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 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.

Also, new definitions are added, and existing definitions are amended or repealed to align provisions in the act with new rules regarding investment fund continuous disclosure. The amendment act also contains a series of amendments that reflect the implementation of a national instrument harmonizing prospectus and registration exemptions.

Its enforcement powers are expanded, too. The amendments expand the commission’s power to order payment of an administrative penalty and costs.