BILL 43 An Act to Amend the Security Frauds Prevention Act

BILL 43

An Act to Amend the Security Frauds Prevention Act

 

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

1 Section 8.1 of the Security Frauds Prevention Act, chapter S-6 of the Revised Statutes, 1973, is amended

(a) in subsection (1) by striking out "on payment of the fee set by regulation" and substituting "on payment of the amount, if any, required under Schedule A";

 

(b) in subsection (2) by striking out "upon payment of the fee set by regulation" and substituting "on payment of the amount, if any, required under Schedule A".

 

2 Section 9 of the Act is amended

(a) in paragraph (1)(b) by striking out "by the fee prescribed by the regulations" and substituting "by the amount required under Schedule A";

(b) in paragraph (1.1)(b) by striking out "the fee or fees required by the regulations" and substituting "the amount required under Schedule A";

(c) by adding after subsection (3) the following:

9(4) Where, after an application for registration or a renewal of a registration is granted, a material change occurs in the information or material submitted as part of the application, the registered person or company in respect of which the information or material was submitted shall notify the Registrar of the change and pay the amount required under Schedule A.

 

3 Section 13 of the Act is amended

(a) in subsection (3) in the portion preceding paragraph (a) by striking out "such fees as may be prescribed by the regulations" and substituting "the amount required under Schedule A";

(b) by adding after subsection (3) the following:

13(3.1) For the purposes of subsection (3), a person may, with the approval of the Administrator, file an annual information form in place of or in addition to the documents and information required under that subsection.

13(3.2) A person who files an annual information form in respect of securities other than mutual funds shall pay the amount required under Schedule A when the form is filed.

(c) by adding after subsection (8) the following:

13(8.1) A person who files an amended prospectus shall pay the amount required under Schedule A when the amended prospectus is filed.

4 Section 17 of the Act is amended

(a) in paragraph (3.1)(a) by striking out "subsection 13(1)" and substituting "section 13";

(b) in subsection (6) by striking out "all fees or charges" and substituting "all amounts".

5 The Act is amended by adding after section 39.1 the following:

39.2 The amounts set out in Schedule A are payable for the purposes of this Act and the regulations.

6 Subsection 40(1) of the Act is amended

(a) by repealing paragraph (f);

(b) by repealing subparagraph (g.2)(ix) and substituting the following:

(ix) respecting the amounts payable, the time and manner of payment and the effect of such payment where any amounts are required to be paid in relation to the filing of such applications, documents or information;

7 Section 41 of the Act is amended

(a) in subsection (5) by striking out "or fees" and substituting "and all amounts";

 

(b) in subsection (6) by striking out "fees or charges" and substituting "fees, charges or other amounts".

8 The Act is amended by adding at the end of it the following Schedule:

SCHEDULE A

The following amounts are payable for the purposes of this Act and the regulations:

(a)on an application for the registration or renewal of a registration of a broker

 

$ 800.00

     

(b)on an application for the registration or renewal of a registration of a salesman

 

$ 200.00

     

(c)on an application for the registration or renewal of a registration of a sub-agent

 

$ 200.00

     

(d)when a registered person or company notifies the Registrar under subsection 9(4) of a material change in the information or material submitted as part of an application

 

$ 100.00

     

(e)when a registered broker notifies the Registrar in accordance with the regulations of a salesmanís re-employment

 

$ 100.00

     

(f)when, for the purposes of obtaining a certificate of authorization, a person files the information and documents required under subsection 13(3) in respect of securities to be traded,

   
     

(i)for the first class, unit or series of the securities to be issued by each security issuer, where

   
     

(A)the principal filing jurisdiction is New Brunswick

 

$1,250.00

     

(B)the principal filing jurisdiction is other than New Brunswick

 

$1,000.00

     

(ii)for each additional class, unit or series of the securities to be issued by each security issuer

 

$ 300.00

     

(g)when a person files an annual information form under subsection 13(3.1) in re spect of securities other than mutual funds

 

$1,000.00

     

(h)when a person files an amended prospectus under subsection 13(8), for each class, unit or series of the securities to be issued by each security issuer

 

$ 100.00

     

(i)for a renewal of a certificate under subsection 17(8)

 

$ 500.00

     

(j)for an order of the Administrator granted in respect of exemptions from registra tion of a trade or a security

 

$ 500.00

     

9(1) Section 7 of New Brunswick Regulation 84-128 under the Security Frauds Prevention Act is amended

 

(a) in subsection (1) by striking out "and enclosing the prescribed fee" and substituting "and enclosing the amount required under Schedule A of the Act";

 

(b) in subsection (2) by striking out "and enclosing the prescribed fee" and substituting "and enclosing the amount required under Schedule A of the Act".

9(2) The heading "FEES" preceding section 11 of the Regulation is repealed.

9(3) Section 11 of the Regulation is repealed.

10 This Act comes into force on April 1, 1999.

 

 

EXPLANATORY NOTES

Section 1

(a) and (b) These amendments are consequential on the amendments made in sections 5 and 8 of this amending Act.

Section 2

(a) and (b) These amendments are consequential on the amendments made in sections 5 and 8 of this amending Act.

(c) The new subsection 9(4) requires a registered person or company to notify the Registrar in accordance with that subsection of any material change in the information or material submitted as part of an application for registration or the renewal of a registration.

 

Section 3

(a) This amendment is consequential on the amendments made in sections 5 and 8 of this amending Act.

(b) The new subsection 13(3.1) authorizes the filing of an annual information form in accordance with that subsection. The new subsection 13(3.2) requires a person who files an annual information form in respect of securities other than mutual funds to pay the amount required under Schedule A.

(c) The new subsection 13(8.1) requires a person who files an amended prospectus to pay the amount required under Schedule A.

Section 4

(a) A cross-reference is corrected.

(b) This amendment is consequential on the amendments made in sections 5 and 8 of this amending Act.

Section 5

The amounts set out in the new Schedule A are payable for the purposes of the Security Frauds Prevention Act and the regulations.

Section 6

(a) and (b) These amendments are consequential on the amendments made in sections 5 and 8 of this amending Act.

Section 7

(a) and (b) These amendments are consequential on the amendments made in sections 5 and 8 of this amending Act.

Section 8

The amounts payable for the purposes of the Security Frauds Prevention Act and the regulations are set out in the new Schedule A.

Section 9

9(1)(a) and (b) These amendments to New Brunswick Regulation 84-128 under the Security Frauds Prevention Act are consequential on the amendments made in sections 5 and 8 of this amending Act.

 

9(2) and (3) These amendments are consequential on the amendments made in sections 5 and 8 of this amending Act. They repeal section 11 of the Regulation, which sets out the prescribed fees, and the heading preceding that section.

Section 10

Commencement provision.