The OSC Bulletin reports that amendments to the Securities Act contained in the government’s spring budget bill have received royal assent.

The most significant amendments involve a re-enacted part of the Act dealing with take-over bids and issuer bids. The current requirements are reorganized, and technical amendments are made to that section. The Ontario Securities Commission has also published for comment a proposed rule that would complement the legislative amendments. It was published for a 90-day comment period ending on July 9.

Other changes include: amendments to clarify that an issuer cannot proceed with a distribution pursuant to an amendment to a prospectus unless the director has issued a receipt for the amendment; amendments to permit the OSC to prescribe by rule the certificate form in a prospectus, and the waiting period between the issuance of a receipt for a preliminary prospectus and the issuance of a receipt for a prospectus; amendments regarding certain agreements, memorandums of understanding and arrangements entered into by the commission that it is not required to publish in its Bulletin.

The amendment regarding MOUs came into force on the date of royal assent. All of the remaining proposed Act amendments will come into force on a day to be proclaimed by the Lieutenant Governor in Council.