BILL 49

An Act to Amend the Securities Act

Her Majesty, by and with the advice and consent of the Legislative Assembly of New Brunswick, enacts as follows:

1 Subsection 1(1) of the Securities Act, chapter S-5.5 of the Acts of New Brunswick, 2004, is amended in the definition “market participant” by repealing paragraph (h) and substituting the following:

(h)  the compensation or contingency fund of a self-regulatory organization,

2 Section 161.9 of the Act is amended

(a)  by renumbering the section as subsection 161.9(1);

(b)  by adding after subsection (1) the following:

161.9( 2) A limitation period established by subsection (1) in respect of an action is suspended when an application for leave under section 161.41 is filed with the court, and resumes running when

(a)  the court grants leave or dismisses the application, and

( i) all appeals have been exhausted, or

( ii) the time for an appeal has expired without an appeal being filed, or

(b)  the application is abandoned or discontinued.

3 Paragraph 170(2)(l) of the Act is repealed and the following is substituted:

(l)  the compensation or contingency fund of a self-regulatory organization;

4 Subsection 200(1) of the Act is amended

(a)  by adding after paragraph (n) the following:

(n.1)  respecting any matter necessary or advisable to regulate the issuance of notices by auditors of reporting issuers;

(b)  by adding after paragraph (ss.1) the following:

(ss.11)  respecting requirements for the disclosure or provision of information or material to the public, the Commission or the Executive Director by an issuer the shares of which are traded on an exchange or a quotation and trade reporting system outside New Brunswick;

5 Paragraph 204(b) of the Act is amended by striking out “the Canadian Investor Protection Fund” and substituting “the compensation or contingency fund of a self-regulatory organization”.