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Notice
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Financial
compensation order provisions came into force January 1, 2008
New Part XVIII.1 "Civil Liability for Secondary Market Disclosure
will come into force on February 1, 2008 when
regulations defining certain terms and prescribing certain matters
will also come into force.
New section 135.2
gives the Commission the power, as part of its
jurisdiction at a hearing, to order that a person or company who
has contravened Saskatchewan securities laws, repay financial
losses to investors of up to $100,000 to each investor. The
provisions are based on those that have been in force in Manitoba
since 2003. Staff
Notice 11-704 Claims for Financial Compensation sets
out more information.
New section
section 135.7 provides:
135.7 (1)
No person or company shall, or shall attempt to, destroy,
conceal or withhold any information, property or thing
reasonably required for a hearing, review or investigation
pursuant to this Act.
(2) No person or company shall hinder or
interfere with a member, employee, appointee or agent of the
Commission in the performance of his or her powers, functions
and duties pursuant to this Act.
(3) A person or company contravenes subsection
(1) if the person or company knows or ought reasonably to know
that a hearing, review or investigation is to be conducted and
takes any action mentioned in subsection (1) before the hearing,
review or investigation ”.
January 3, 2008
Contact:
Barbara Shourounis
Director, Securities Division
(306) 787-5842
bshourounis@sfsc.gov.sk.ca
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