The Ontario budget, released yesterday, contains some hints at upcoming changes to the Securities Act planned by the provincial government.
Specifically, according to the budget document, the government plans to propose legislative amendments to expand and clarify insider trading provisions, add new offences for attempted market manipulation and attempted fraud, update the early-warning reporting requirements to provide more transparency and, following consultations with the Ontario Securities Commission, if needed following current cases, suspend the operation of the secondary market civil liability limitation period while leave to proceed is being sought. Theresa Tedesco has more on the planned changes to the OSC's regulatory authority in today's Financial Post.
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