NEWS RELEASE · 25th March 2010
Ministry of Finance
Bill 6, the Finance Statutes Amendment Act, 2010, introduced in the legislature today will affect the following provincial statutes:
Financial Administration Act - The Province is moving toward paperless or uncertificated securities to decrease costs associated with handling physical securities. The act currently requires signed and counter- signed paper certificates.
Financial Institutions Act - Proposed amendments will enhance the regulatory tools and framework for the financial services sector.
Home Owner Grant Act - The proposed amendment will enable forms for the Home Owner Grant to be approved by the Minister of Finance instead of being prescribed in regulation. This will make it easier to update forms as HOG requirements and technologies change.
Personal Property Security Act - Changes to the act will increase harmonization in personal property security law in North America. The process for removing improper security interests from the Personal Property Registry will be shortened to be more similar to the process in other provinces. The Province will adopt the rule recommended by the Uniform Law Conference of Canada that governs which jurisdiction's law applies to determinations involving security interests in intangible and mobile goods.
Securities Act - Amendments will harmonize registration legislation across Canada relating to point-of- sale disclosure for mutual funds and segregated funds, the regulation of credit rating agencies, and investor protection.
Tobacco Tax Act - An amendment will define the term "cigar" to clarify which products are taxed as cigars under the Tobacco Tax Act.