Notice of Amendments to the Securities Act and the Commodity Futures Act

NOTICE OF AMENDMENTS TO THE SECURITIES ACT AND COMMODITY FUTURES ACT

On November 26, 2002 amendments to the Securities Act and the Commodity Futures Act contained in the Government Efficiency Act, 2002 (previously Bill 179), received Royal Assent and became effective.

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:

Facilitate the use of and 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.

Delete from the Securities Act the requirement that reporting issuers and mutual funds in Ontario must concurrently deliver to security holders a copy of their annual and interim financial statements filed with the Commission to facilitate early filings on SEDAR.{1}

Clarify that the fines in subsection 122(4) of the Securities Act for illegal insider trading are minimum and maximum amounts.

Clarify the Commission's authority under the Securities Act to make rules governing the approval of all documents required under Ontario securities law and documents that are ancillary to them.

Permit the Commission to disseminate information in electronic form through an electronic medium or through its Web site where the Securities Act or Commodity Futures Act otherwise require information to be summarized in a "periodical" or published in the Bulletin.

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.

The relevant portions of the Government Efficiency Act, 2002 are reprinted below and may also be viewed on the Ontario Legislative Assembly's web site at www.ontla.on.ca and the Commission's web site at www.osc.gov.on.ca.

Questions may be referred to either of:

Susan Wolburgh Jenah
General Counsel
(416) 593-8245
[email protected]

Rossana Di Lieto
Senior Legal Counsel
General Counsel's Office
(416) 593-8106
[email protected]

{1} Annual and interim financial statement must still be delivered to shareholders within the time frame required for their filing with the Commission.