Securities Law & Instruments

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NOTICE OF
PROCLAMATION IN FORCE OF PROVISIONS OF
THE JOBS FOR TODAY AND TOMORROW ACT
(BUDGET MEASURES ACT), 2016 (BILL 173)

AND

AMENDMENTS TO REGULATION 1015 UNDER THE SECURITIES ACT



Schedule 26 of the Jobs for Today and Tomorrow Act (Budget Measures), 2016 (Bill 173) contained a number of amendments to the Securities Act (the Act). Schedule 26 amendments came into force on April 19, 2016 with the exception of Sections 2 and 3 which were to come into force on a day to be named by proclamation of the Lieutenant Governor. Sections 2 and 3 are amendments to section 76 of the Act, which introduces a prohibition on a person or company in a special relationship with an issuer from recommending or encouraging another person or company to trade in securities of the issuer with inside information, and the new Part XXI.2 of the Act, which introduces a prohibition on reprisals against employees for providing information about a possible contravention of Ontario securities law, or a by-law or other regulatory instrument of a recognized self-regulatory organization, or for being involved in an investigation or proceeding related to the information provided. The required proclamation for the amendments to section 76 was given on June 22, 2016 and named July 1, 2016 as the day on which the requisite provisions come into force. The required proclamation for the introduction of Part XXI.1 of the Act was given on June 22, 2016 and named June 28, 2016 as the day on which the requisite provisions came into force. These provisions of Bill 173 proclaimed in force on June 28, 2016 and July 1, 2016 are the provisions identified in the table in Chapter 9 of the bulletin dated May 19, 2016 as the provisions expected to be proclaimed on a date to be named by the Lieutenant Governor associated with Bill 173.

The Minister of Finance has also approved amendments to Regulation 1015 under the Securities Act in connection with the amendments to section 76 of the Act, which amendments were filed as O. Reg 249/16 on June 28, 2016. These amendments came into force on July 1, 2016. The full text of these amendments is contained in Chapter 9.