On February 1, 2003 The Saskatchewan Financial Services Commission Act (the "SFSC Act") will be proclaimed in force, and the Saskatchewan Financial Services Commission ("SFSC") will come into being. Also on February 1, 2003 all of the powers and duties of the Saskatchewan Securities Commission ("SSC") and the Director of the SSC will be assigned to the SFSC pursuant to The Saskatchewan Financial Services Commission Assignment Regulations and sections 9 and 10 of the SFSC Act.
The purpose of this notice is to clarify the effect of this assignment on the administration of The Securities Act, 1988, and on outstanding decisions and regulatory instruments of the SSC.
Status of the SSC
The Securities Act, 1988 will remain in force. While the SSC will continue in existence, it will become inactive. All of its powers will be assigned to the SFSC, and the appointment of current Commission members will be terminated. They will be re-appointed to the SFSC.
The Director of the SSC will be appointed as a deputy to the Executive Director of the SFSC under the title Director of the Securities Division of the SFSC. The Deputy Directors of the SSC will also be appointed as deputies to the Executive Director under their current titles. The SFSC will delegate to the Director and Deputy Directors all of the powers of the Director under The Securities Act, 1988 and some of the powers of the Commission.
All of the operations of the SSC will continue as the Securities Division of the SFSC. The staff of the SSC will continue to perform their same functions in the Securities Division of the SFSC. All pending applications including applications for exemption orders, for registration, and for prospectus receipts will be dealt with in the usual way. There is no need to re-file them.
Status of Decisions of the SSC
All of the decisions of the SSC that were made before February 1, 2002 will continue to be in full force and effect after February 1, 2003. In particular:
All of the decisions and regulatory instruments listed above that were made before February 1, 2003 will appear in the Securities Division section of the SFSC Web site under the logo of the SSC.
January 31, 2003
Dean Murrison, Director
Financial and Consumer Affairs Authority of Saskatchewan
Phone: (306) 787-5842