The Saskatchewan Financial Services Commission reports that various amendments to Saskatchewan’s Securities Act were passed by the province’s legislature and are expected to be proclaimed in force on July 1, except for certain provisions.

The bill reflects various initiatives, including: harmonizing Saskatchewan’s securities laws with those of other jurisdictions; implementing the passport regulatory system; introducing civil liability for secondary market disclosure; giving the SFSC the power to order financial compensation; amendments to some enforcement and administrative provisions to make them consistent with similar provisions in other jurisdictions; and, the repeal of provisions in the Act relating to registration, prospectuses, insider reporting and take-over and issuer bids, as these provisions will be replaced by national instruments

The provisions of the bill are expected to come into force on July 1, the SFSC says, except for: the provisions related to civil liability for secondary market disclosure, which are expected to come into force on Jan. 1, 2008, and, provisions that are related to the implementation of proposed national instruments.