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Law & Policy

Law and Policy (Securities Act, 2008) New Act

On March 17, 2008 the new Securities Act R.S.P.E.I. 1988, Cap. S-3.1 came into force. The former Securities Act R.S.P.E.I. 1988, Cap. S-3 was repealed effective March 17, 2008. (Sections 1, 13, 168, 169, 171 and 174 of the new Act were brought into force on February 11, 2008 to permit the making of rules under the new Act for the March 17, 2008 effective date.) All regulations and rules made under the former Act have been revoked, effective the end of the day on March 16, 2008.

New Regulations

Regulations have been made under section 168 of the new Act setting out rule-making procedures and establishing costs for hearings, reviews and investigations.

New Rules

All other regulatory instruments are in Rules, made by the Minister under section 169 of the new Act. These instruments are listed below by category. Blanket Orders are also listed below by category.

Transitional Registration Rule

Pending adoption of the national registration rule, registration requirements under the new Act were set out in Local Rule 31-501 - Transitional Registration Requirements. The rule incorporated by reference, the sections of the old Regulations which were to continue to govern until the new national rule was in place.  The rule was repealed effective September 28, 2009 with the implementation of National Instrument 31-103 Registration Requirements and Exemptions.

Exemption for Discretionary Exemptions

Local Rule 12-501 gives an exemption for discretionary exemptions applied for before March 17, 2008, from provisions which were not in force in Prince Edward Island before March 17, 2008. This exemption is in addition to the exemption set out in section 4.8 of Multilateral Instrument 11-102 - Passport System. There is no requirement to give notice to the PEI Securities Office in order to rely on Local Rule 12-501.

Policies

Prince Edward Island has adopted by policy all Companion Policies to the instruments adopted in PEI by rule.  PEI has also adopted by policy the National Policies set out below.  All policies are adopted as amended from time to time by the Canadian Securities Administrators.


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