Securities Law & Instruments

NOTICE OF PROPOSED AMENDMENTS TO THE SECURITIES ACT

R.S.O. 1990, c.S.5, AS AMENDED

The Ontario Securities Commission has developed proposed legislative amendments which are published for comment in Chapter 6 in this Bulletin. These amendments have been submitted as candidate items for the Fall 1998 Red Tape Bill. The purpose of red tape legislation is, among other things, to eliminate obsolete legislation, increase government efficiencies, improve customer service and to facilitate harmonization with other jurisdictions. The candidate items forwarded by the Ontario Securities Commission were selected in accordance with these objectives. In addition, the proposed amendments to the take-over bid rules recommended by the Zimmerman Committee have been included and are published, separately, in Chapter 6.

The form of the amendments has not, as yet, been subject to the legislative drafting process and Staff understands that there may not be sufficient time to solicit comment after this process is complete. Staff does, however, wish to obtain comment on the amendments and has chosen to publish a draft at this time. Given that the drafting process is not completed, Staff is seeking comment on the substance of the amendments only.

Interested parties are invited to make written submissions with respect to the proposed amendments. Submissions received by September 11, 1998 will be considered.

Submissions should be sent in duplicate to:

Daniel P. Iggers, Secretary
Ontario Securities Commission
20 Queen Street West
Suite 800, Box 55
Toronto, Ontario M5H 3S8

Questions may be referred to:

Tanis MacLaren
Associate General Counsel
(416) 593-8259

Margo Paul
Legal Counsel
(416) 593-8136