Proposed Housekeeping and Accessibility Amendments to Regulation 1015 under the Securities Act
Bill or Act:
Summary of Proposal:
The government is consulting on proposed housekeeping amendments to Regulation 1015 under the Securities Act that would update provisions relating to over-the-counter trading and electronic filing as well as other housekeeping changes and amendments to make relevant forms available in an accessible document format.
Over-the-counter Trading: Part VI of Regulation 1015 (sections 152 to 159) governs over-the-counter trading, including requirements that certain "COATS securities" be reported on the "COAT System". However the "Canadian Unlimited Board System" ("CUB System") replaced the COAT System in 2000. Amendments to sections 152, 154 and 158 of Regulation 1015 would update Regulation 1015 to require, with certain exceptions, CUB securities to be reported to the CUB System. The other sections of this part are proposed to be revoked.
Electronic Filing: Sections 246 and 247 (which comprise Part XV) of Regulation 1015 relating to electronic filing are proposed to be revoked. Sections 246 and 247 override specified provisions in Regulation 1015 that require manual or faxed signatures (section 246) and duplicate or triplicate filings (section 247).
The proposed amendment, for simplicity, proposes to revoke sections 246 and 247 because all of the provisions in Regulation 1015 requiring manual or faxed signatures have previously been revoked (with the exception of section 161) and all of the provisions requiring duplicate or triplicate filings have also been revoked. The proposed amendment would add an override permitting filing in accordance with the electronic filing rule (where any of the provisions of the rule apply) directly to section 161.
Updates or Revocations of Obsolete Provisions: Other housekeeping amendments have also been proposed either to update references or to revoke provisions that are no longer needed. For example, section 164 of Regulation 1015 is proposed to be revoked because the Securities Act provision referenced in it has been repealed.
Accessibility-related Changes: The changes also contemplate migration of the relevant forms currently included in Regulation 1015 to the Government of Ontario Central Forms Repository to make these forms available in an accessible document format. Forms that are no longer operative are proposed to be revoked.
More detail is contained in the consultation draft regulation.
October 5, 2016
Comments Due Date:
November 21, 2016
95 Grosvenor Street
Frost Building North, 4th Floor
Toronto, Ontario M7A 1Z1