Government of Yukon
Archives
FOR RELEASE #08-057
March 17, 2008
New Act Promotes Fair & Efficient Capital Markets, Investor Protection
WHITEHORSE – Yukon’s new Securities Act is now in force, assuring fair and equitable treatment of Yukon investors and industry members under Canadian securities law. The new act reflects Yukon’s commitment to harmonization of securities regulation in Canada.
“Yukoners can be proud of this very significant national and local achievement,” Community Services Minister Glenn Hart said. “Our securities law is now significantly harmonized with other Canadian jurisdictions. For those who want to raise capital here it means a level playing field and potentially lower costs for doing securities trade business in Yukon.”
Regulations under the new act require the following action from Yukon government:
• publication of notice of rules made by the minister under section 169 of the act;
• establish the effective date for rules made by the minister;
• authorize recovery of costs for investigations,
• hearing and reviews of market participants;
• and establish fees payable under the new act.
The Yukon Legislative Assembly passed Bill No. 41 in December 2007. Its proclamation today coincides with cross-Canada implementation of a new Passport System of Securities Regulation that the new act was specifically designed to accommodate.
“This act is a substantial contribution to enhancing Yukon’s, and Canada’s, competitiveness in the global capital marketplace.” Hart added. “Yukoners who invest in securities also have increased civil remedies and other protections under this act than was the case previously.”
Information on the new act, regulations and rules is available at http://www.community.gov.yk.ca/corp/secureinvest.html
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| Contact: |
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| Roxanne Vallevand Cabinet Communications (867) 633-7949 roxanne.vallevand@gov.yk.ca |
Doug Caldwell Communications, Community Services 667-8065 doug.caldwell@gov.yk.ca |