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Article

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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