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Secondary Market Civil Liability: Status Report
Date
August 28, 2008
AUTHOR(s)
Mendy M. Chernos
Robert Cooper
Darryl A. Cruz
Julie Elmlinger
Sonia J. Struthers
Since we last reported on this topic, Newfoundland and Labrador, British Columbia, Prince Edward Island and Yukon have joined Ontario, Alberta, Manitoba, New Brunswick, Nova Scotia, Québec and Saskatchewan in bringing into force legislation providing for secondary market civil liability. The two remaining jurisdictions, the Northwest Territories and Nunavut, have also moved their legislation forward. In each case, the legislation is modelled on the Ontario legislation, even when the provisions are included in a new uniform securities act — which is the case in Prince Edward Island, Yukon, the Northwest Territories and Nunavut.
In the Northwest Territories, Bill 7 was given royal assent on June 19, 2008 and in Nunavut, Bill 26 was given royal assent on June 4, 2008, but neither act has yet been proclaimed in force.
The following is a summary of the status of implementation of the civil liability regime throughout Canada:
|
Alberta |
In force December 31, 2006 |
|
British Columbia |
In force July 4, 2008 |
|
Manitoba |
In force January 1, 2007 |
|
New Brunswick |
In force May 30, 2007 |
|
Newfoundland and Labrador |
In force May 1, 2008 |
|
Northwest Territories |
Not yet proclaimed in force |
|
Nova Scotia |
In force November 15, 2007 |
|
Nunavut |
Not yet proclaimed in force |
|
Ontario |
In force December 31, 2005 |
|
Prince Edward Island |
In force March 17, 2008 |
|
Québec |
In force November 9, 2007 |
|
Saskatchewan |
In force February 15, 2008 |
|
Yukon |
In force March 17, 2008 |
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