Ottawa, June 21, 2007
2007-049

Archived - Department of Finance Launches Consultation on Modernizing Federal Securities Transfer Rules

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The Department of Finance today launched an online consultation process regarding the modernization of securities transfer rules in federal statutes, a Budget 2007 commitment.

Securities transfer laws govern the purchase, sale and holding of investment securities. Modernizing these laws will provide investors with greater legal protection by clarifying the rights and obligations of the parties involved in a transaction.

As part of this initiative, the Department of Finance is releasing a discussion paper entitled Modernizing the Legal Framework for Financial Transactions: Reforming Federal Securities Transfer Rules.

This discussion paper fulfills a commitment made in Creating a Canadian Advantage in Global Capital Markets, a document released with Budget 2007. The Government committed to reform federal statutes to ensure they support current market practices. A key objective is to modernize federal laws so they complement provincial efforts to implement uniform securities transfer laws.

This consultation is open to all interested parties via the Department of Finance website at www.fin.gc.ca. The deadline for interested parties to submit comments to the Department on the paper is September 14, 2007.

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For further information, media may contact:

David Gamble
Media Relations
Department of Finance
613-996-8080

 

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