Securities Law & Instruments

PDF Version

PDF Version


Schedule 18 of the Budget Measures Act, 2015 (Bill 144) contained a number of amendments to the Securities Act. Bill 144 received Royal Assent on December 10, 2015 and has become chapter 38, Statutes of Ontario, 2015.

Schedule 18 may be viewed on the Ontario Legislative Assembly's website at The text of Schedule 18 is also reflected in the consolidated version of the Securities Act, available on the Ontario e-laws site at



The Schedule amends the Securities Act. It expands the powers of the Ontario Securities Commission to regulate take-over bids and issuer bids, and repeals many of the specific provisions that currently govern take-over bids and issuer bids, replacing them with more general provisions (the new sections 89 to 91 of the Act). It gives the Director of the Commission the right to participate in proceedings in which it is alleged that someone has not complied with the rules governing take-over bids and issuer bids (the changes to sections 104 and 105 of the Act). It also fixes an error in the French version of section 104 of the Act.

Currently, the Ontario government and the other governments of Canada are exempt from some of the rules governing derivatives trading in Ontario. The Schedule grants them further exemptions from the derivatives trading rules and permits the Ontario government to exempt one or more Crown agents or servants from some or all of the rules that the Ontario government is exempt from (the changes to section 142 of the Act).

[Note: Schedule 18 amendments came into force on December 10, 2015 except the amendments related to take-over bids, which come into force on a day to be named by proclamation of the Lieutenant Governor.]