The Ontario Securities Commission reports that proposed amendments to the Securities Act have been introduced by the province’s Minister of Finance as part of the government’s Fall 2006 Budget Bill.

The majority of the proposed amendments are intended to harmonize Ontario securities law with the laws of other jurisdictions, the OSC says.

One of the amendments would give the court authority, where there has been a conviction for an offence under the Act, to order that the convicted person or company make restitution or pay compensation in relation to the offence to an aggrieved person or company.

Among the other significant changes being proposed are amendments to: harmonize the grounds for refusing to issue a receipt for a prospectus with the securities legislation of other Canadian jurisdictions; clarify that the commission may publish rule proposals by giving notice that it is seeking the requisite rule-making authority where it doesn’t already have the authority to make the proposed rule; clarify the effective date of an agreement, memorandum of understanding or arrangement entered into by the commission with another securities or financial regulator, self-regulatory body or organization or jurisdiction; give the commission rule-making authority to prescribe requirements for the certification of prospectuses by persons or companies where the issuer is a trust, limited partnership or where the issuer is not a company, trust or limited partnership; and, numerous amendments that deal with the designation and reporting of insiders.

All of the proposed amendments (with the exception of certain amendments relating to insider reporting) will come into force on Royal Assent of Bill 151. The amendments dealing with the extension of the insider reporting requirements to include interests in related financial instruments will come into force on a day to be proclaimed by the Lieutenant Governor in Council.