Amendments to Ontario securities legislation contained in the Government Efficiency Act 2002 have received Royal Assent.

The Ontario Securities Commission says the amendments to the Securities Act and the Commodity Futures Act are administrative, or housekeeping, in nature. Generally, the amendments seek to simplify regulatory requirements, improve regulatory efficiency and promote harmonization.

Among the most significant changes being made are amendments to:

  • provide greater flexibility in the operation of the Financial Disclosure Advisory Board and Commodity Futures Advisory Board;
  • provide the commission with greater flexibility under the Securities Act to share information obtained in an investigation or examination with other regulators;
  • clarify the commission’s authority under the Securities Act to make rules governing the approval of all documents required under Ontario securities law; permit the commission to disseminate information in electronic form; and
  • establish that the Freedom of Information and Protection of Privacy Act does not prevent the exchange of information between the commission and any person or entity who provides services to the commission.