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Statutes of Newfoundland and Labrador 2017


CHAPTER 19

AN ACT TO AMEND THE SECURITIES ACT

 

(Assented to December 7, 2017)

Analysis


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 (1) Subsection 122(1) of the Securities Act is repealed and the following substituted: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

   122. (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      (2) Subsection 122(4) of the Act is repealed and the following substituted: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.