Acts and Regulations

S-5.5 - Securities Act

Section 155
Disposition versions

Full text
Liability of dealer, offeror or issuer
2011, c.43, s.24
155(1)The following persons have a right of action for rescission or damages against a dealer or offeror who fails to comply with the applicable requirement:
(a) a purchaser of a security in respect of which a prospectus, an amendment to a prospectus or a document prescribed by regulation was required to be filed under this Act or the regulations but was not filed;
(b) a purchaser of a security to whom a prospectus, an amendment to a prospectus or a document prescribed by regulation was required to be delivered under this Act or the regulations but was not delivered;
(b.1) a purchaser of a prescribed investment fund security trading on an exchange or on a prescribed alternative trading system to whom a prescribed disclosure document was required to be sent or delivered under this Act or the regulations but was not sent or delivered in accordance with this Act or the regulations; or
(c) a person to whom a take-over bid and take-over bid circular or an issuer bid and an issuer bid circular, or any notice of change or variation to any such bid or circular, were required to be sent under this Act or the regulations but were not sent.
155(2)A purchaser of a security distributed under a document prescribed by regulation has a right of action for rescission or damages against the issuer if the purchaser did not receive the disclosure document within the period prescribed by regulation.
2007, c.38, s.167; 2011, c.43, s.25; 2016, c.18, s.7
Liability of dealer, offeror or issuer
2011, c.43, s.24
155(1)The following persons have a right of action for rescission or damages against a dealer or offeror who fails to comply with the applicable requirement:
(a) a purchaser of a security in respect of which a prospectus, an amendment to a prospectus or a document prescribed by regulation was required to be filed under this Act or the regulations but was not filed;
(b) a purchaser of a security to whom a prospectus, an amendment to a prospectus or a document prescribed by regulation was required to be delivered under this Act or the regulations but was not delivered; or
(c) a person to whom a take-over bid and take-over bid circular or an issuer bid and an issuer bid circular, or any notice of change or variation to any such bid or circular, were required to be sent under this Act or the regulations but were not sent.
155(2)A purchaser of a security distributed under a document prescribed by regulation has a right of action for rescission or damages against the issuer if the purchaser did not receive the disclosure document within the period prescribed by regulation.
2007, c.38, s.167; 2011, c.43, s.25
Liability of dealer or offeror
155A purchaser of a security in respect of which a prospectus or an amendment to a prospectus was required to be filed but was not filed in compliance with this Act or the regulations, a purchaser of a security to whom a prospectus or an amendment to a prospectus was required to be delivered but was not delivered in compliance with this Act or the regulations, a purchaser of a security to whom an offering memorandum or an amendment to an offering memorandum was required to be sent but was not sent in compliance with the regulations or a security holder to whom a take-over bid and take-over bid circular or an issuer bid and an issuer bid circular, or any notice of change or variation to any such bid or circular, were required to be sent but were not sent in compliance with this Act or the regulations has a right of action for rescission or damages against the dealer or offeror who failed to comply with the applicable requirement.
2007, c.38, s.167
Liability of dealer or offeror
155A purchaser of a security to whom a prospectus was required to be sent but was not sent in compliance with subsection 88(1), a purchaser of a security to whom an offering memorandum or an amendment to an offering memorandum was required to be sent but was not sent in compliance with the regulations or a security holder to whom a take-over bid and take-over bid circular or an issuer bid and an issuer bid circular, or any notice of change or variation to any such bid or circular, were required to be delivered but were not delivered in compliance with section 120 or 123 has a right of action for rescission or damages against the dealer or offeror who failed to comply with the applicable requirement.