Regulatory Alerts2019-09-12
Draft Regulation to amend Regulation 41-101 respecting General Prospectus Requirements
The securities regulators have issued a draft regulation to amend Regulation 41-101 respecting General Prospectus Requirements to reduce regulatory burden for investment fund issuers. The proposed changes specifically define the statutory right of action in British Columbia under section 135 of the provincial Securities Act and apply section 141 of Saskatchewan's Securities Act, 1988 in place of the general subsection. These amendments aim to align prospectus liability provisions with specific provincial legislative frameworks while maintaining investor protections.
REGULATION TO AMEND REGULATION 41-101 RESPECTING GENERAL PROSPECTUS REQUIREMENTS Securities Act (chapter V-1.1, s. 331.1, par. (4.1) and (14))
- Section 3C.7 of Regulation 41-101 respecting General Prospectus Requirements (chapter V-1.1, r. 14) is amended by adding, after paragraph (6), the following : “(7) In British Columbia, for the purpose of subsection (1), “statutory right of action” means section 135 of the Securities Act (R.S.B.C. 1996, c. 418). “(8) In Saskatchewan, instead of subsection (1), section 141 of The Securities Act, 1988 (SS 1988-89, c S-42.2) applies.”.
- This Regulation comes into force on (indicate here the date of coming into force of this Regulation).
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