Securities Law & Instruments

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BILL 177, STRONGER, FAIRER ONTARIO ACT (BUDGET MEASURES), 2017



Schedule 7 of the Stronger, Fairer Ontario Act (Budget Measures), 2017 (Bill 177) contains a number of amendments to the Commodity Futures Act. Schedules 37 and 46 of Bill 177 contain a number of amendments to the Securities Act. Bill 177 received Royal Assent on December 14, 2017, and has become chapter 34, Statutes of Ontario, 2017.

Schedules 7, 37 and 46 may be viewed on the Ontario Legislative Assembly's website at www.ontla.on.ca. The text of Schedules 7, 37 and 46 are expected to be reflected shortly in the consolidated versions of the Commodity Futures Act and the Securities Act, available on the Ontario e-laws site at www.e-laws.gov.on.ca.

SCHEDULE 7 COMMODITY FUTURES ACT

This Schedule amends the Commodity Futures Act.

The purposes of the Act are expanded to include contributing to the stability of the financial system and the reduction of systemic risk.

Market participants are required to keep certain prescribed records and may be required to deliver them to the Commission.

Section 54.1 is amended to add a procedure for an employee to complain to an arbitrator or to the court if the employee has been subject to a reprisal prohibited by that section.

Subsection 60 (7) is amended so that the Commission is permitted to extend additional types of temporary orders.

Accessibility amendments are made to the Schedule to the Act.

SCHEDULE 37 SECURITIES ACT

This Schedule amends the Securities Act.

The Schedule to the Act is repealed and consequential amendments are made to the definition of rules and to other sections of the Act.

The purposes of the Act are expanded to include contributing to the stability of the financial system and the reduction of systemic risk.

Market participants are required to keep certain prescribed records and may be required to deliver them to the Commission.

The exemptions in subsections 35 (4) and 73.2 (3) from the registration and prospectus requirements are repealed.

Section 87 is amended to provide that the chair at a meeting must conduct a vote by way of ballot if circumstances prescribed by the regulations exist.

Section 121.5 is amended to add a procedure for an employee to complain to an arbitrator or to the court if the employee has been subject to a reprisal prohibited by that section.

Subsection 127 (8) is amended so that the Commission is permitted to extend additional types of temporary orders.

The Commission is also given a new rule-making power regarding meetings of the security holders of a reporting issuer.

SCHEDULE 46 VARIOUS STATUTES

This Schedule amends many statutes in connection with reporting requirements by a number of provincial agencies. The amendments include the revision of section 3.10 of the Securities Act in connection with the report sent annually by the Ontario Securities Commission to the Ontario Minister of Finance.