Second Session,

48th General Assembly

66 Elizabeth II,

BILL 15

AN ACT

AN ACT TO AMEND THE

SECURITIES ACT

Received

and Read the First Time ................................................................

Second

Reading ............................................................................................

Committee .....................................................................................................

Third

Reading ...............................................................................................

Royal

Assent .................................................................................................

HONOURABLE SHERRY

GAMBIN-WALSH

Minister of Service

Newfoundland and Labrador

Ordered to be printed by

the Honourable House of Assembly

EXPLANATORY NOTES

This

Bill would amend the Securities Act

to correct the maximum period of imprisonment under subsections 122(1) and

122(4) from a term of not more than 5 years to a term of not more than 5 years

less a day.

A BILL

AN ACT TO AMEND THE SECURITIES ACT

Analysis

S.122 Amdt.

Offences, general

Be it enacted by the Lieutenant-Governor and

House of Assembly in Legislative Session convened, as follows:

RSNL1990 cS-13

as amended

1. (1) Subsection 122(1) of the Securities Act is repealed and the

following substituted:

Offences, general

(1) Every person or company that,

(

a) makes a statement in material, evidence or

information submitted to the superintendent, a person acting under the authority

of the superintendent or a person making an investigation or examination under

this Act that, in a material respect and at the time and in the light of the

circumstances under which it is made, is misleading or untrue or does not state

a fact that is required to be stated or that is necessary to make the statement

not misleading;

(

b) makes a statement in an application, release,

report, preliminary prospectus, prospectus, return, financial statement, information

circular, take-over bid circular, issuer bid circular or other document

required to be filed or furnished under the securities law of the province

that, in a material respect and at the time and in the light of the

circumstances under which it is made, is misleading or untrue or does not state

a fact that is required to be stated or that is necessary to make the statement

not misleading;

(

c) obstructs or interferes with an investigator,

examiner or other person designated by the superintendent who is carrying out a

duty under this Act, the regulations or the rules; or

(

d) contravenes the securities law of the

province,

is guilty of an offence and on conviction

is liable to a fine of not more than $5,000,000 or to imprisonment for a term

of not more than 5 years less a day, or to both a fine and imprisonment.

(2) Subsection 122(4) of the Act is repealed and

the following substituted:

(4) Every director or officer of a company or of a

person other than an individual who authorized, permitted or acquiesced in the

commission of an offence under subsection (1) by the company or person, whether

or not a charge has been laid or a finding of guilt has been made against the

company or person in respect of the offence under subsection (1), is guilty of

an offence and is liable on conviction to a fine of not more than $5,000,000 or

to imprisonment for a term of not more than 5 years less a day, or to both a

fine and imprisonment.

Queen's Printer