Securities Law & Instruments

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BETTER TOMORROW FOR ONTARIO ACT (BUDGET MEASURES), 2011



Schedules 5 and 38 of the Better Tomorrow for Ontario Act (Budget Measures), 2011 contain amendments to the Commodity Futures Act and the Securities Act. Bill 173 received Royal Assent on May 12, 2011. Bill 173 has become chapter 9, Statutes of Ontario, 2011. The sole amendment to the Commodity Futures Act and the amendment to subsection 3.1(5) of the Securities Act came into force on the same date. The remaining amendments come into force on one or more days to be named by proclamation of the Lieutenant Governor of Ontario.

These Schedules may be viewed on the Ontario Legislative Assembly's website at www.ontla.on.ca. In addition, consolidated versions of the Securities Act and the Commodity Futures Act reflecting these amendments are expected to be available shortly on the Ontario e-laws site at www.e-laws.gov.on.ca.

The Explanatory Notes in Bill 173 provided a summary of these amendments. Relevant extracts are reproduced below.

SCHEDULE 5

COMMODITY FUTURES ACT

Part I of the Commodity Futures Act is repealed, dissolving the Commodity Futures Advisory Board.

SCHEDULE 38

SECURITIES ACT

The Securities Act is amended as follows:

1. Subsection 3.5 (3) of the Act is amended to allow one member of the Commission to conduct hearings.

2. Sections 71, 133 and 143 of the Act are amended to provide that, in the case of the purchase and sale of an investment fund security offered in a distribution, the dealer may be required by the regulations to send or deliver a prescribed disclosure document, instead of a prospectus, at the time and in the manner provided in the regulations.