Securities Law & Instruments

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BILL 65, PROSPEROUS AND FAIR ONTARIO ACT (BUDGET MEASURES), 2013



Schedule 2 of the Prosperous and Fair Ontario Act (Budget Measures), 2013 (Bill 65) contained two amendments to the Commodity Futures Act. Schedule 13 of the Prosperous and Fair Ontario Act (Budget Measures), 2013 (Bill 65) contained a number of amendments to the Securities Act. Bill 65 received Royal Assent on June 13, 2013 and has become chapter 2, Statutes of Ontario, 2013. 

Schedules 2 and 13 may be viewed on the Ontario Legislative Assembly’s website at www.ontla.on.ca. The text of Schedules 2 and 13 are also reflected in the consolidated versions of the Commodity Futures Act and the Securities Act, respectively, available on the Ontario e-laws site at www.e-laws.gov.on.ca. 


SCHEDULE 2
COMMODITY FUTURES ACT

The Commodity Futures Act is amended to permit the Ontario Securities Commission to make an order without notice authorizing the disclosure of certain information to law enforcement and regulatory agencies listed in the Securities Act.

Section 59.1 of the Act is amended to prohibit attempts at fraud and market manipulation. 

[Note: Schedule 2 amendments came into force on June 21, 2013.] 


SCHEDULE 13
SECURITIES ACT

The Securities Act amendments include: 

  1. Section 17 of the Act is amended to permit the Ontario Securities Commission to make an order without notice authorizing the disclosure of certain information to law enforcement and regulatory agencies.
  2. Currently, section 76 of the Act contains rules about insider trading and tipping. The Act prohibits persons or companies that are in a special relationship with a reporting issuer from trading or tipping while they have knowledge of undisclosed material information about the reporting issuer. The definition of “person or company in a special relationship with a reporting issuer” is amended to include, among others, persons or companies that are considering or evaluating whether to make a take-over bid or enter into an arrangement with the reporting issuer.
  3. Section 126.1 of the Act is amended to prohibit attempts at fraud and market manipulation.

[Note: Schedule 13 amendments came into force on June 21, 2013.]