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April 24, 2006
Legislation enhances competitiveness of Alberta's capital markets
Securities Transfer Act provides clear and modern set of rules for investors
Edmonton... Bill 36, the Securities Transfer Act, 2006, will update the legal framework for Alberta's capital markets, ensuring the province remains competitive and attractive to investors.
"With the advent of electronic trading, it's important that the rules keep up with changes in the way business is done," said Finance Minister Shirley McClellan. "This proposed legislation helps maintain the Alberta Advantage by providing a clear set of rules for investors."
If passed, the Securities Transfer Act, 2006 would consolidate Alberta's securities transfer laws under one act to provide a single, uniform set of rules for the transfer and holding of securities and interests in investment property. It would also establish clear rules for the electronic transfer of securities.
The majority of provinces and territories are adopting practically uniform legislation, aligning Canada's laws as much as possible with the Uniform Commercial Code in the United States.
"This represents a significant achievement of interprovincial cooperation in responding to the needs of Canada's capital markets," said Grande Prairie-Smokey MLA Mel Knight, who introduced the legislation in the Alberta Legislature on April 24.
"With globalization, the American and Canadian securities markets are more integrated and securities holding and transfer practices are more similar than ever before. Implementing this kind of legislation nation-wide enhances Canada's competitiveness not only with the U.S., but with markets across the globe," added Knight.
The Securities Transfer Act, 2006 proposes to amend the Business Corporations Act, the Personal Property Security Act, the Securities Act and the Civil Enforcement Act, bringing Alberta's securities transfer laws under one piece of legislation.
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Media enquiries may be directed to:
Marie Iwanow
Director of Communications
Alberta Finance
(780) 427-5364
To call toll-free within Alberta dial 310-0000.
Copyright(c); 2006 Government of Alberta