NIN 95/33 - Amendments to the Securities Act [NIN - Rescinded]
| Published Date: | 1995-09-29 |
|---|---|
| Effective Date: | 1995-09-28 |
The Securities Amendment Act (No. 2), 1995, S.B.C., 1995, c. 45 (the "Amendment Act") received royal assent on June 29, 1995. A copy of the Amendment Act was attached to NIN#95/28. The Amendment Act makes several substantive and a number of technical amendments to the Act. Four sections of the Amendment Act were brought into force, effective September 8, 1995, by B.C. Reg. 388/95. An extract of those sections of the Amendment Act is attached to this Notice, as is a copy of B.C. Reg. 388/95.
The amendments
1. increase the permitted number of commission members to 11 and allow for the designation of 2 vice chairs under section 4 of the Securities Act,
2. replace the term "chairman" with "chair" in sections 4, 5, 102(1) and 144.2(1) of the Securities Act,
3. add a new section 8.1 to the Securities Act, which authorizes the Minister to appoint a Securities Policy Advisory Committee (the Committee membership was announced by the Minister on May 4, 1995), and
4. enable the commission to apply to the Supreme Court under section 140(1) of the Act for an order compelling a person who fails to comply with or violates a provision of the Act, the regulations or a decision of the commission to pay into the consolidated revenue fund of British Columbia the amount of money obtained or the amount of payments or losses avoided from the non-compliance or violation.
Other amendments contained in the Amendment Act will be made effective subsequent to the finalization and Cabinet approval of Securities Regulation amendments, drafts of which were published for comment in the Weekly Summary of October 7, 1994. The Commission will issue a notice to advise of the proclamation of the balance of the Amendment Act and the enactment of amended regulations in advance of their effective date.
DATED at Vancouver, British Columbia, on September 28, 1995.
Douglas M. Hyndman
Chair
Attachments
References: NIN#95/28
see hard copy for "Order Of the Lieutenant Governor in Council"
MINISTER OF FINANCE AND CORPORATE RELATIONS
BILL 44 - 1995
SECURITIES AMENDMENT ACT (No. 2), 1995
HER MAJESTY, by and with the advice and consent of the Legislative Assembly of the Province of British Columbia, enacts as follows:
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4. Section 4 (2), (4), (7) and (9) is repealed and the following substituted:
(2) The commission consists of not more than 11 members appointed by the
Lieutenant Governor in Council.
(4) The Lieutenant Governor in Council must designate one member of the
commission to be chair and chief executive officer of the commission and
may designate one or 2 vice chairs of the commission from among its
members.
(7) When the chair is absent or incapable of acting, the powers and duties of
the chair must be exercised and performed by
(a) a vice chair, or
(b) where there is no vice chair, a person appointed by the minister.
(9) A person who is the chair, a vice chair or a member of the commission may
exercise the powers and must perform the duties delegated to that person
by the commission under section 6.
5. Sections 5, 102 (1) and 144.2 (1) are amended by striking out chairman
wherever it appears and substituting chair.
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9. The following section is added:
B.C. Securities Commission Securities
Policy Advisory Committee
8.1 (1) The minister may establish a B.C. Securities Commission Securities
Policy Advisory Committee consisting of members appointed by the
minister.
(2) The purpose of the advisory committee is to provide the commission
advice on administrative, regulatory and legislative matters relating to
trading in securities and to the securities industry.
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44. Section 140 (1) is repealed and the following substituted:
(1) Where the commission considers that a person has failed to comply with
or is violating a provision of this Act or of the regulations or has failed to
comply with or is violating a decision, the commission, in addition to any
other powers it may have, may apply to the Supreme Court for one or both
of the following:
(a) an order that
(i) the person comply with or cease violating the provision or
decision, and
(ii) the directors and senior officers of the person cause the person
to comply with or to cease violating the provision or decision;
(b) an order that the person pay to the minister for payment into the
consolidated revenue fund one or both of the following:
(i) any moneys obtained by the person directly or indirectly as a
result of the failure to comply or the violation;
(ii) the amount of any payments or losses avoided by the person
directly or indirectly as a result of the failure to comply or the
violation.
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