BILL NO. 60

(as introduced)

1st Session, 62nd General Assembly
Nova Scotia
63 Elizabeth II, 2014



Government Bill



Securities Act
(amended)



The Honourable Diana Whalen
Minister of Finance and Treasury Board



First Reading: April 22, 2014

(Explanatory Notes)

Second Reading: April 24, 2014

Third Reading: May 1, 2014 (LINK TO BILL AS PASSED)

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Explanatory Notes

Clause 1

(a) amends the definitions of "adviser", "dealer", "security" and "trade or trading" in order to facilitate the regulation of derivatives;

(b) adds definitions of "class of derivatives", "derivative", "derivatives trade repository", "derivatives trading facility" and "related derivative" in order to facilitate the regulation of derivatives;

(c) amends the definition of "associate" to reflect the current legal standing of same-sex couples; and

(d) adds the definition of "clearing agency" to facilitate the regulation of both securities and derivatives.

Clause 2 broadens the Nova Scotia Securities Commission's investigation powers to include the investigation of derivatives.

Clause 3 authorizes the Commission to disclose confidential information with notice, and without notice in certain limited circumstances, if the Commission is satisfied it would be in the public interest.

Clause 4 adds the regulation of derivatives to the powers of the Commission to make an order to retain funds, securities or other property.

Clause 5 authorizes the Commission to appoint a compliance examiner to examine the operations of a regulatory body recognized by the Commission.

Clause 6 adds derivatives to the types of instruments subject to the prescribed process relating to solicitor-client privilege.

Clause 7 adds derivatives to the types of trades that can be made by a recognized self-regulatory organization.

Clause 8 allows the Commission to designate a contract or instrument to be, or not to be, a derivative or security for harmonization with a determination made in another jurisdiction.

Clause 9

(a) facilitates the regulation of derivatives by authorizing the Commission to

(b) provides that a derivatives trade is not void only by reason that the transaction did not comply with the Act.

Clause 10 allows the Director to restrict a registration to trade in certain derivatives.

Clause 11 adds certain types of derivatives to the possible exemptions from registration.

Clause 12 authorizes the Commission to restrict calls made to residences for the purpose of trading in derivatives.

Clause 13 adds derivatives to the rules respecting prohibited representations in connection with a trade in a security.

Clause 14 adds trading or holding a derivative to the Section prohibiting a person or company from engaging in an unfair practice.

Clause 15 prohibits certain representations relating to a derivative or an underlying interest of a derivative.

Clause 16

(a) authorizes the Commission to order a registered dealer to provide it with copies of proposed advertising and sales literature; and

(b) amends the definition of "sales literature" to be consistent with the Securities Act (Ontario).

Clause 17 amends the rules with respect to statements required to be disclosed in an offering memorandum.

Clause 18 authorizes the Commission to make an order exempting a derivative from the registration and prospectus requirements.

Clause 19 expands the concept of "special relationship" to include

(a) a person or company that is considering or evaluating a take-over bid or corporate reorganization involving the reporting issuer;

(b) a person or company that is considering or evaluating whether to engage in any business or professional activity with or on behalf of the reporting issuer or others in a "special relationship" with the reporting issuer; and

(c) employees, directors and officers of a subsidiary or parent of the reporting issuer, in relation to prohibitions on insider trading where there is a material fact or change that has not been generally disclosed.

Clause 20

(a) extends the prohibition on market manipulation and fraud to attempts at market manipulation and fraud; and

(b) facilitates the regulation of derivatives.

Clause 21 adds derivatives to the Section prohibiting the making of misleading or untrue statements.

Clause 22 adds derivatives to the Section authorizing the Commission to make enforcement orders.

Clause 23

(a) enables the Commission or Director to order that an issuer, without an opportunity to be heard, cease trading with respect to securities;

(b) specifies the conditions under which such an order can be made;

(c) provides for revocation of the order once the required disclosure documents are filed; and

(d) requires notice of an order or revocation to be sent to any directly affected person or company.

Clause 24 contains amendments consequential to the amendments in Clause 19 and relates to the liability of a person or company as a result of a special relationship with a reporting issuer and knowledge of a material fact or material change not generally disclosed.

Clauses 25 and 26 replace "stock exchange" with "exchange" for consistency with the Securities Act (Ontario).

Clause 27 adds derivatives to the Section that relates to the filing and inspection of materials and the sharing of information.

Clause 28 adds derivatives to the definitions used to streamline securities regulation across Canada and ensure that provincial decisions have equal effect in other jurisdictions.

Clause 29 adds derivatives to the Section that authorizes the Commission to order an exemption from Nova Scotia securities laws.

Clause 30 facilitates the regulation of derivatives where another provincial securities commission has made a substantially similar decision regarding the derivative.

Clause 31 allows the Commission to delegate authority to act with immunity with respect to a derivatives trading facility to another provincial securities commission.

Clause 32 gives the Commission authority to act under another provincial authority, with immunity, with respect to a derivatives trading facility if authority has been so delegated by another provincial securities commission.

Clause 33 amends the regulation-making power of the Governor in Council and the rule-making power of the Commission by

(a) removing a reference to a repealed Section;

(b) adding a clause to

(c) adding "derivative" or "derivatives" to clauses dealing with securities; and

(d) adding power to prescribe use of a disgorged amount obtained as a result of non-compliance.

Clause 34 adds derivatives to the other matters in respect of which regulations or rules may be made.

Clause 35 repeals two Sections of an unproclaimed amending Act that are no longer relevant.

Clause 36 provides that parts of this Act come into force upon proclamation.

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An Act to Amend Chapter 418
of the Revised Statutes, 1989,
the Securities Act

Be it enacted by the Governor and Assembly as follows:

1 Subsection 2(1) of Chapter 418 of the Revised Statutes, 1989, the Securities Act, as amended by Chapter 15 of the Acts of 1990, Chapter 32 of the Acts of 1996, Chapter 41 of the Acts of 2001, Chapter 39 of the Acts of 2002, Chapters 26 and 27 of the Acts of 2005, Chapter 46 of the Acts of 2006, Chapter 32 of the Acts of 2008, Chapter 73 of the Acts of 2010 and Chapter 34 of the Acts of 2012, is further amended by

(a) adding ", herself" immediately after "himself" in the second line of clause (a);

(b) adding "or derivatives" immediately after "securities" in the last line of clause (a);

(c) striking out subclauses (b)(v) and (vi) and substituting the following subclauses:

(d) adding immediately after clause (d) the following clauses:

(e) adding "or derivatives" immediately after "securities" in the last line of clause (i);

(f) renumbering clause (ja) as clause (jac) and adding immediately preceding that clause the following clauses:

(g) adding immediately after clause (an) the following clause:

(h) striking out subclause (aq)(iv) and substituting the following subclause:

(i) striking out "and" in the last line of subclause (aq)(xv);

(j) striking out subclause (aq)(xvi) and substituting the following subclauses:

(k) adding ", but does not include a derivative" immediately after "issuer" in the last line of clause (aq); and

(l) striking out subclauses (as)(ii) and (iii) and substituting the following subclauses:

2 (1) Subsection 27(1) of Chapter 418, as enacted by Chapter 15 of the Acts of 1990 and amended by Chapter 32 of the Acts of 1996 and Chapter 27 of the Acts of 2005, is further amended by

(a) adding "or derivatives" immediately after "securities" in the second line of clause (b);

(b) adding "or derivatives" immediately after "securities" in the second line of clause (c); and

(c) adding "or derivatives" immediately after "securities" in the second line of clause (d).

(2) Subsection 27(5) of Chapter 418, as enacted by Chapter 15 of the Acts of 1990 and amended by Chapter 27 of the Acts of 2005 and Chapter 46 of the Acts of 2006, is further amended by

(a) adding ", derivatives" immediately after "securities" in the fifth and in the eleventh and twelfth lines; and

(b) adding "or derivatives" immediately after "securities" in the eighth and tenth lines.

(3) Subsection 27(7) of Chapter 418, as enacted by Chapter 15 of the Acts of 1990 and amended by Chapter 32 of the Acts of 1996, Chapter 27 of the Acts of 2005 and Chapter 46 of the Acts of 2006, is further amended by

(a) adding "or derivatives" immediately after "securities" in the second line of clause (a);

(b) adding ", derivative" immediately after "security" in the first line of clause (b); and

(c) adding ", derivative" immediately after "security" in the third line of clause (c).

(4) Subsection 27(8) of Chapter 418, as enacted by Chapter 15 of the Acts of 1990, is amended by adding ", derivative" immediately after "security" in the last line.

(5) Subsection 27(9) of Chapter 418, as enacted by Chapter 15 of the Acts of 1990 and amended by Chapter 27 of the Acts of 2005 and Chapter 46 of the Acts of 2006, is further amended by

(a) adding ", derivative" immediately after "security" in the third, in the fourth and in the twelfth lines; and

(b) adding "or derivatives" immediately after "securities" in the eighth and in the tenth lines.

(6) Subsection 27(10) of Chapter 418, as enacted by Chapter 15 of the Acts of 1990, is amended by adding ", derivatives" immediately after "securities" in the first line.

(7) Subsection 27(11) of Chapter 418, as enacted by Chapter 15 of the Acts of 1990, is amended by

(a) adding ", derivatives" immediately after "securities" in the first line of clause (a);

(b) adding ", derivatives" immediately after "securities" in the second line of clause (b); and

(c) adding ", derivatives" immediately after "securities" in the third last line.

(8) Subsection 27(12) of Chapter 418, as enacted by Chapter 15 of the Acts of 1990 and amended by Chapter 46 of the Acts of 2006, is further amended by

(a) adding ", derivatives" immediately after "securities" in the first line of clause (a);

(b) adding ", derivatives" immediately after "securities" in the second and in the fourth lines of clause (b); and

(c) adding ", derivatives" immediately after "securities" in the last line.

(9) Subsection 27(13) of Chapter 418, as enacted by Chapter 15 of the Acts of 1990 and amended by Chapter 46 of the Acts of 2006, is further amended by adding ", derivatives" immediately after "securities" in the fourth line.

(10) Subsection 27(16) of Chapter 418, as enacted by Chapter 15 of the Acts of 1990, is amended by adding ", derivative" immediately after "security" in the first, in the fifth, in the eighth and in the twelfth lines.

(11) Subsection 27(17) of Chapter 418, as enacted by Chapter 15 of the Acts of 1990, is amended by adding ", derivative" immediately after "security" in the third line.

3 (1) Section 29AA of Chapter 418, as enacted by Chapter 46 of the Acts of 2006, is amended by adding immediately after subsection (2) the following subsection:

(2) Subsection 29AA(3) of Chapter 418, as enacted by Chapter 46 of the Acts of 2006, is amended by adding "or (2A)" immediately after "subsection (1)" in the third line.

(3) Subsection 29AA(4) of Chapter 418, as enacted by Chapter 46 of the Acts of 2006, is amended by adding "or (2A)" immediately after "subsection (1)" in the first line.

4 (1) Subsection 29C(1) of Chapter 418, as enacted by Chapter 46 of the Acts of 2006, is amended by

(a) adding "or derivatives" immediately after "securities" in the second line of clause (b);

(b) adding ", derivatives" immediately after "securities" in the ninth and in the tenth lines; and

(c) adding ", derivative" immediately after "security" in the twelfth line.

(2) Subsection 29C(3) of Chapter 418, as enacted by Chapter 46 of the Acts of 2006, is amended by

(a) adding ", derivatives" immediately after "securities" the first time it appears in the second line; and

(b) adding "or derivatives" immediately after "securities" the second time it appears in the second line.

5 (1) Clause 29E(1)(a) of Chapter 418, as enacted by Chapter 27 of the Acts of 2005, is amended by striking out "recognized clearing agency," in the fourth line.

(2) Section 29E of Chapter 418, as enacted by Chapter 15 of the Acts of 1990, is amended by adding immediately after subsection (1) the following subsection:

(3) Subsection 29E(2) of Chapter 418, as enacted by Chapter 15 of the Acts of 1990, is amended by adding ", derivatives" immediately after "securities" in the third line.

6 (1) Subsection 29F(2) of Chapter 418, as enacted by Chapter 15 of the Acts of 1990, is amended by

(a) adding ", derivatives" immediately after "securities" in the second and third, in the fifth and in the eighth lines;

(b) adding ", derivatives" immediately after "securities" in the second line of clause (a); and

(c) adding ", derivatives" immediately after "securities" in the second line of clause (b).

(2) Subsection 29F(3) of Chapter 418, as enacted by Chapter 15 of the Acts of 1990 and amended by Chapter 46 of the Acts of 2006, is further amended by adding ", derivatives" immediately after "securities" in the third line.

(3) Subsection 29F(4) of Chapter 418, as enacted by Chapter 15 of the Acts of 1990 and amended by Chapter 39 of the Acts of 2002 and Chapter 46 of the Acts of 2006, is further amended by

(a) adding ", derivatives" immediately after "securities" in the third line of clause (a); and

(b) adding ", derivatives" immediately after "securities" in the third line of clause (b).

7 (1) Subsection 30(3) of Chapter 418, as enacted by Chapter 15 of the Acts of 1990, is amended by adding "or derivatives" immediately after "securities" in the second line.

(2) Clause 30(6)(c) of Chapter 418, as enacted by Chapter 15 of the Acts of 1990, is amended by adding "or derivatives" immediately after "securities".

(3) Subsection 30(7) is repealed.

8 Subsection 30A(1) of Chapter 418, as enacted by Chapter 26 of the Acts of 2005 and amended by Chapter 46 of the Acts of 2006 and Chapter 34 of the Acts of 2012, is amended by striking out clause (b) and substituting the following clauses:

9 Chapter 418 is further amended by adding immediately after Section 30H the following Sections:

10 Subsection 32(2) of Chapter 418, as amended by Chapter 15 of the Acts of 1990, is further amended by adding "or derivatives" immediately after "securities" in the fifth and in the last lines.

11 Subsection 41(2) of Chapter 418, as amended by Chapter 15 of the Acts of 1990, Chapter 32 of the Acts of 1996, Chapter 41 of the Acts of 2001 and Chapter 46 of the Acts of 2006, is further amended by

(a) adding "or derivatives" immediately after "securities" in the second line; and

(b) adding "or derivatives" immediately after "securities" in the first line of clause (p).

12 Subsection 43(1) of Chapter 418, as amended by Chapter 15 of the Acts of 1990, is further amended by

(a) adding "or derivative" immediately after "security" in the second last line; and

(b) adding "or derivatives" immediately after "securities" in the last line.

13 (1) Subsection 44(1) of Chapter 418 is amended by

(a) striking out "he" in the fifth line and substituting "the person or company";

(b) adding "will" immediately after "company" in the sixth line;

(c) striking out "will" in clause (a); and

(d) striking out "will" in the first line of clause (b).

(2) Chapter 418 is further amended by adding immediately after subsection (1) the following subsection:

(3) Subsection 44(2) of Chapter 418 is amended by adding "or derivative" immediately after "security" in the second and in the last line.

(4) Subsection 44(3) of Chapter 418, as enacted by Chapter 34 of the Acts of 2012, is amended by

(a) adding "or derivative" immediately after "security" in the second, in the fourth and both times it appears in the sixth line;

(b) adding "in the case of a security," immediately before "application" in the first line of clause (a); and

(c) adding "or derivative" immediately after "security" in the third line of clause (b).

(5) Chapter 418 is further amended by striking out subsection 44(4) and substituting the following subsection:

14 Subsection 44A(1) of Chapter 418, as enacted by Chapter 39 of the Acts of 2002, is amended by

(a) adding "or trade or hold a derivative" immediately after "security" in the last line of clause (a);

(b) adding "or trade or hold a derivative" immediately after "security" in the last line of clause (b); and

(c) adding "or derivatives" immediately after "securities" in the second line of clause (c).

15 Section 52 of Chapter 418, as amended by Chapter 15 of the Acts of 1990, is further amended by adding ", derivative, underlying interest of a derivative" immediately after "security" in the second last line.

16 (1) Subsection 56(1) of Chapter 418, as amended by Chapter 15 of the Acts of 1990, is further amended by adding "or derivatives" immediately after "securities" in the last line.

(2) Subsection 56(2) of Chapter 418 is amended by striking out clause (b) and substituting the following clause:

17 Subsection 65(3) of Chapter 418 is repealed and the following subsection substituted:

18 Subsection 80(1) of Chapter 418, as enacted by Chapter 15 of the Acts of 1990 and amended by Chapter 32 of the Acts of 1996, is further amended by adding ", derivative" immediately after "security" in the second line.

19 (1) Subsection 82(3) of Chapter 418, as enacted by Chapter 15 of the Acts of 1990, is amended by

(a) adding "that is considering or evaluating whether, or" immediately after "company" in the first line; and

(b) striking out "to effect" in the second last line and substituting "relating to".

(2) Subsection 82(5), as enacted by Chapter 34 of the Acts of 2012, is amended by

(a) striking out paragraphs (a)(i)(B) and (C) and substituting the following paragraphs:

and

(b) striking out subclauses (5)(a)(ii) and (iii) and substituting the following subclauses:

(3) Subsection 82(6) of Chapter 418, as enacted by Chapter 15 of the Acts of 1990, is amended by

(a) striking out "or" at the end of clause (a);

(b) striking out the period at the end of clause (b) and substituting "; or"; and

(c) adding the following clause:

20 Section 132A of Chapter 418 is repealed and the following Section substituted:

21 Clause 132B(1)(b) of Chapter 418, as enacted by Chapter 46 of the Acts of 2006, is amended by adding ", derivative or underlying interest of a derivative" immediately after "security" in the last line.

22 (1) Subsection 134(1) of Chapter 418, as enacted by Chapter 15 of the Acts of 1990 and amended by Chapter 27 of the Acts of 2005, Chapter 46 of the Acts of 2006, Chapter 73 of the Acts of 2010 and Chapter 34 of the Acts of 2012, is further amended by

(a) striking out subclause (a)(i) and substituting the following subclause:

(b) striking out subclause (a)(iii) and substituting the following subclause:

and

(c) adding "or derivative" immediately after "security" in the second last and in the last lines of clause (b).

(2) Subsection 134(1A) of Chapter 418, as enacted by Chapter 46 of the Acts of 2006 and amended by Chapter 32 of the Acts of 2008 and Chapter 34 of the Acts of 2012, is further amended by

(a) adding "or derivatives" immediately after "securities" in the last line of clause (a);

(b) adding "or derivatives" immediately after "securities" the second time it appears in the third line of clause (b);

(c) adding "or derivatives" immediately after "securities" in the third, in the fourth and in the fifth lines of clause (c); and

(d) adding "or derivatives" immediately after "securities" each time it appears in the third line of clause (d).

23 Chapter 418 is further amended by adding immediately after Section 134 the following Section:

24 (1) Subsection 142(1) of Chapter 418, as enacted by Chapter 15 of the Acts of 1990, is amended by

(a) striking out "the person or company in the special relationship with the reporting issuer proves that" in the ninth and tenth lines; and

(b) adding "the person or company in the special relationship with the reporting issuer proves that" immediately before "the" in the first line of clause (a).

(2) Subsection 142(2) of Chapter 418, as enacted by Chapter 15 of the Acts of 1990, is amended by

(a) striking out "and" at the end of clause (b);

(b) striking out clause (c) and substituting the following clauses:

(c) striking out "the person or company referred to in clause (a), (b) or (c), as the case may be, proves that" in the twenty-third, twenty-fourth and twenty-fifth lines;

(d) adding "the person or company who informed the other person or company proves that" immediately before "the" in the first line of clause (d);

(e) adding "or company" immediately after "person" in the second line of clause (f); and

(f) striking out clause (g) and substituting the following clause:

(3) Subsection 142(8) of Chapter 418, as enacted by Chapter 15 of the Acts of 1990, is amended by

(a) striking out "or" in the last line of clause (a);

(b) striking out the period at the end of clause (b) and substituting "; or"; and

(c) adding immediately after clause (b) the following clause:

25 Section 146A of Chapter 418, as enacted by Chapter 46 of the Acts of 2006 and amended by Chapter 73 of the Acts of 2010, is further amended by

(a) striking out "stock" in the fourth line of paragraph (d)(ii)(B); and

(b) striking out "a stock" in the third line of clause (l) and substituting "an".

26 Clause 146D(16)(a) of Chapter 418, as enacted by Chapter 46 of the Acts of 2006, is amended by

(a) striking out "a stock" in the fifth line and substituting "an"; and

(b) striking out "stock" in the ninth line.

27 Subsection 148(3) of Chapter 418, as enacted by Chapter 18 of the Acts of 2001 and amended by Chapter 46 of the Acts of 2006, is further amended by striking out "or financial regulatory authorities, stock exchanges" in the fourth and fifth lines and substituting ", derivatives or financial regulatory authorities, exchanges, derivatives trading facilities, derivatives trade repositories, clearing agencies, alternative trading systems".

28 Subsection 149A(1) of Chapter 418, as enacted by Chapter 26 of the Acts of 2005 and amended by Chapter 46 of the Acts of 2006, is further amended by

(a) adding "or derivatives" immediately after "securities" in the fourth and in the last lines of clause (b);

(b) adding "or derivatives" immediately after "securities" in the fourth line of clause (c); and

(c) striking out "and exchange contracts" in the fourth and fifth lines of clause (c) and substituting "or derivatives".

29 Section 149E of Chapter 418, as enacted by Chapter 46 of the Acts of 2006, is amended by

(a) adding ", derivative" immediately after "security" in the second and in the fifth lines; and

(b) adding ", derivatives" immediately after "securities" in the third and in the fifth lines.

30 Subsection 149F of Chapter 418, as enacted by Chapter 46 of the Acts of 2006, is amended by striking out "or security" in the third and in the last lines and substituting in each case ", security or derivative".

31 (1) Subclause 149H(1)(b)(iii) of Chapter 418, as enacted by Chapter 26 of the Acts of 2005, is amended by adding ", derivatives trading facility" immediately after "exchange" in the first line.

(2) Subsection 149H(2) of Chapter 418, as enacted by Chapter 26 of the Acts of 2005, is amended by

(a) adding ", a derivatives trading facility" immediately after "exchange" in the fifth line of clause (b); and

(b) adding ", a derivatives trading facility" immediately after "exchange" in the second line of clause (c).

32 (1) Subclause 149I(1)(b)(ii) of Chapter 418, as enacted by Chapter 26 of the Acts of 2005, is amended by adding ", derivatives trading facility" immediately after "exchange" in the first line.

(2) Subsection 149I(2) of Chapter 418, as enacted by Chapter 26 of the Acts of 2005, is amended by

(a) adding ", a recognized derivatives trading facility" immediately after "exchange" in the fifth line of clause (b); and

(b) adding ", a recognized derivatives trading facility" immediately after "exchange" in the second line of clause (c).

33 Section 150 of Chapter 418, as amended by Chapter 15 of the Acts of 1990, Chapter 32 of the Acts of 1996, Chapters 18 and 41 of the Acts of 2001, Chapter 39 of the Acts of 2002, Chapter 26 of the Acts of 2005, Chapter 46 of the Acts of 2006, Chapter 32 of the Acts of 2008, Chapter 73 of the Acts of 2010 and Chapter 34 of the Acts of 2012, is further amended by

(a) striking out "under Section 149G" in the second line of clause (hf);

(b) adding immediately after clause (hi) the following clauses:

(c) striking out "or securities" in the first line of clause (v) and substituting ", securities or derivatives";

(d) adding "or derivative" immediately after "security" in the fourth line of clause (af);

(e) adding "and amounts disgorged as a result of non-compliance" immediately after "penalties" in the second line of clause (aas);

(f) striking out "or securities" in the second line of clause (bag) and substituting ", securities or derivatives";

(g) striking out "or security" in the last line of clause (bag) and substituting ", security or derivative";

(h) adding "or derivatives" immediately after "securities" in the fourth and fifth and in the last lines of subclause (bah)(i);

(i) adding "or derivatives" immediately after "securities" in the last line of clause (bai);

(j) adding "or derivatives" immediately after "securities" in the third, in the fifth and sixth and in the sixth lines of clause (bak);

(k) adding "or derivative" immediately after "security" in the third line of clause (bak);

(l) striking out subclause (bak)(i) and substituting the following subclause:

(m) adding "or derivative" immediately after "security" in the first and second lines of subclause (bak)(ii);

(n) adding "or derivatives" immediately after "securities" in the last line of clause (baq);

(o) striking out clauses (bau) and (bav) and substituting the following clauses:

(p) adding "or derivatives" immediately after "securities" in the first line of clause (baw);

(q) adding "or derivatives" immediately after "securities" in the last line of clause (cb);

(r) adding "or derivative" immediately after "security" in the second line of subclause (co)(iv);

(s) adding "or derivative" immediately after "security" in the fourth line of subclause (cr)(iii);

(t) adding immediately after subclause (ct)(i) the following subclause:

(u) striking out "purpose of this Act" in the second and third lines of clause (dd) and substituting "purpose of Nova Scotia securities laws";

(v) striking out "stock exchanges" in the first line of subclause (dd)(i) and substituting "or designating exchanges, quotation and trade reporting systems, derivatives trading facilities, derivatives trade repositories";

(w) adding "or derivatives" immediately after "securities" in the third line of clause (df).

34 Subsection 150B(1) of Chapter 418, as enacted by Chapter 32 of the Acts of 1996, is amended by adding ", derivatives" immediately after "securities" in the third and in the sixth lines.

35 Sections 32 and 54 of Chapter 46 of the Acts of 2006, An Act to Amend Chapter 418 of the Revised Statutes, 1989, the Securities Act, are repealed.

36 Clauses 1(a), (b) and (d) to (k) and subsections 1(2), (4), (6) to (16), (18) to (22), (24) and (27) to (32) come into force on such day as the Governor in Council orders and declares by proclamation.

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