Acts and Regulations

S-5.5 - Securities Act

Section 58
Disposition versions

Full text
Prohibited representations
2011, c.43, s.19
58(1)No person shall make any representation, orally or in writing, that the person or another person
(a) will resell or repurchase a security,
(b) will refund all or any of the purchase price of a security,
(c) will refund all or any margin or premium paid with respect to a derivative, or
(d) will assume all or part of an obligation under a derivative.
58(1.1)Subsection (1) does not apply to a security that carries or is accompanied by an obligation of the issuer to redeem or purchase the security or a right of the owner of the security to require the issuer to redeem or purchase the security.
58(1.2)Subsection (1) does not apply to a derivative if its terms
(a) provide a refund or provide to a counterparty the right to require a refund, or
(b) provide to a counterparty a right to assume all or part of an obligation set out in the derivative.
58(2)No person, with the intention of effecting a trade in a security or a derivative, shall make any representation, orally or in writing, relating to the future value or price of the security or derivative that is not in accordance with the regulations.
58(3)No person, with the intention of effecting a trade in a security, shall make any representation, orally or in writing, that the security will be listed on any exchange or quoted on any quotation and trade reporting system or that application has been or will be made to list the security on any exchange or quote the security on any quotation and trade reporting system unless
(a) application has been made to list or quote the securities being traded, and securities of the same issuer are currently listed on any exchange or quoted on any quotation and trade reporting system,
(b) the exchange or quotation and trade reporting system has granted approval to the listing or quoting of the securities, conditional or otherwise, or has consented to, or indicated that it does not object to, the representation,
(c) the written permission of the Executive Director has been obtained by the person, or
(d) the representation is exempted under the regulations from the application of this subsection.
58(4)No person shall, orally or in writing, make a statement about a security, derivative or trade that the person knows or ought reasonably to know is a misrepresentation.
2007, c.38, s.30; 2008, c.22, s.23; 2011, c.43, s.20; 2012, c.31, s.4; 2013, c.43, s.21
Prohibited representations
2011, c.43, s.19
58(1)No person shall make any representation, orally or in writing, that the person or another person
(a) will resell or repurchase a security,
(b) will refund all or any of the purchase price of a security,
(c) will refund all or any margin or premium paid with respect to an exchange contract, or
(d) will assume all or part of an obligation under an exchange contract.
58(1.1)Subsection (1) does not apply to a security that carries or is accompanied by an obligation of the issuer to redeem or purchase the security or a right of the owner of the security to require the issuer to redeem or purchase the security.
58(2)No person, with the intention of effecting a trade in a security or an exchange contract, shall make any representation, orally or in writing, relating to the future value or price of the security or exchange contract that is not in accordance with the regulations.
58(3)No person, with the intention of effecting a trade in a security, shall make any representation, orally or in writing, that the security will be listed on any exchange or quoted on any quotation and trade reporting system or that application has been or will be made to list the security on any exchange or quote the security on any quotation and trade reporting system unless
(a) application has been made to list or quote the securities being traded, and securities of the same issuer are currently listed on any exchange or quoted on any quotation and trade reporting system,
(b) the exchange or quotation and trade reporting system has granted approval to the listing or quoting of the securities, conditional or otherwise, or has consented to, or indicated that it does not object to, the representation,
(c) the written permission of the Executive Director has been obtained by the person, or
(d) the representation is exempted under the regulations from the application of this subsection.
58(4)No person shall, orally or in writing, make a statement about a security or trade that the person knows or ought reasonably to know is a misrepresentation.
2007, c.38, s.30; 2008, c.22, s.23; 2011, c.43, s.20; 2012, c.31, s.4
Prohibited representations
2011, c.43, s.19
58(1)No person shall make any representation, orally or in writing, that the person or another person
(a) will resell or repurchase a security,
(b) will refund all or any of the purchase price of a security,
(c) will refund all or any margin or premium paid with respect to an exchange contract, or
(d) will assume all or part of an obligation under an exchange contract.
58(1.1)Subsection (1) does not apply to a security that carries or is accompanied by an obligation of the issuer to redeem or purchase the security or a right of the owner of the security to require the issuer to redeem or purchase the security.
58(2)No person, with the intention of effecting a trade in a security or an exchange contract, shall make any representation, orally or in writing, relating to the future value or price of the security or exchange contract that is not in accordance with the regulations.
58(3)No person, with the intention of effecting a trade in a security, shall make any representation, orally or in writing, that the security will be listed on any exchange or quoted on any quotation and trade reporting system or that application has been or will be made to list the security on any exchange or quote the security on any quotation and trade reporting system unless
(a) application has been made to list or quote the securities being traded, and securities of the same issuer are currently listed on any exchange or quoted on any quotation and trade reporting system,
(b) the exchange or quotation and trade reporting system has granted approval to the listing or quoting of the securities, conditional or otherwise, or has consented to, or indicated that it does not object to, the representation,
(c) the written permission of the Executive Director has been obtained by the person, or
(d) the representation is exempted under the regulations from the application of this subsection.
58(4)No person shall, orally or in writing, make a statement about a security or trade that the person knows or ought reasonably to know is a misrepresentation.
2007, c.38, s.30; 2008, c.22, s.23; 2011, c.43, s.20
Prohibited representations
58(1)No person shall make any representation, orally or in writing, that the person or another person
(a) will resell or repurchase a security,
(b) will refund all or any of the purchase price of a security,
(c) will refund all or any margin or premium paid with respect to an exchange contract, or
(d) will assume all or part of an obligation under an exchange contract.
58(1.1)Subsection (1) does not apply to a security that carries or is accompanied by an obligation of the issuer to redeem or purchase the security or a right of the owner of the security to require the issuer to redeem or purchase the security.
58(2)No person, with the intention of effecting a trade in a security or an exchange contract, shall make any representation, orally or in writing, relating to the future value or price of the security or exchange contract that is not in accordance with the regulations.
58(3)No person, with the intention of effecting a trade in a security, shall make any representation, orally or in writing, that the security will be listed on any exchange or quoted on any quotation and trade reporting system or that application has been or will be made to list the security on any exchange or quote the security on any quotation and trade reporting system unless
(a) application has been made to list or quote the securities being traded, and securities of the same issuer are currently listed on any exchange or quoted on any quotation and trade reporting system,
(b) the exchange or quotation and trade reporting system has granted approval to the listing or quoting of the securities, conditional or otherwise, or has consented to, or indicated that it does not object to, the representation,
(c) the written permission of the Executive Director has been obtained by the person, or
(d) the representation is exempted under the regulations from the application of this subsection.
58(4)No person shall make a statement, orally or in writing, that the person knows or ought reasonably to know is a misrepresentation.
2007, c.38, s.30; 2008, c.22, s.23
Prohibited representations
58(1)No person shall make any representation, orally or in writing, that the person or another person
(a) will resell or repurchase a security, or
(b) will refund all or any of the purchase price of a security.
58(1.1)Subsection (1) does not apply to a security that carries or is accompanied by an obligation of the issuer to redeem or purchase the security or a right of the owner of the security to require the issuer to redeem or purchase the security.
58(2)No person, with the intention of effecting a trade in a security, shall make any representation, orally or in writing, relating to the future value or price of the security that is not in accordance with the regulations.
58(3)No person, with the intention of effecting a trade in a security, shall make any representation, orally or in writing, that the security will be listed on any exchange or quoted on any quotation and trade reporting system or that application has been or will be made to list the security on any exchange or quote the security on any quotation and trade reporting system unless
(a) application has been made to list or quote the securities being traded, and securities of the same issuer are currently listed on any exchange or quoted on any quotation and trade reporting system,
(b) the exchange or quotation and trade reporting system has granted approval to the listing or quoting of the securities, conditional or otherwise, or has consented to, or indicated that it does not object to, the representation,
(c) the written permission of the Executive Director has been obtained by the person, or
(d) the representation is exempted under the regulations from the application of this subsection.
58(4)No person shall make a statement, orally or in writing, that the person knows or ought reasonably to know is a misrepresentation.
2007, c.38, s.30
Prohibited representations
58(1)No person, with the intention of effecting a trade in a security, other than a security that carries an obligation of the issuer to redeem or purchase it or a right of the owner to require redemption or purchase of it, shall make any representation, orally or in writing, that the person or another person
(a) will resell or repurchase the security, or
(b) will refund all or any of the purchase price of the security.
58(2)No person, with the intention of effecting a trade in a security, shall make any representation, orally or in writing, relating to the future value or price of the security that is not in accordance with the regulations.
58(3)No person, with the intention of effecting a trade in a security, shall make any representation, orally or in writing, that the security will be listed on any exchange or quoted on any quotation and trade reporting system or that application has been or will be made to list the security on any exchange or quote the security on any quotation and trade reporting system unless
(a) application has been made to list or quote the securities being traded, and securities of the same issuer are currently listed on any exchange or quoted on any quotation and trade reporting system,
(b) the exchange or quotation and trade reporting system has granted approval to the listing or quoting of the securities, conditional or otherwise, or has consented to, or indicated that it does not object to, the representation,
(c) the written permission of the Executive Director has been obtained by the person, or
(d) the representation is exempted under the regulations from the application of this subsection.
58(4)No person, with the intention of effecting a trade in a security, shall make a statement, orally or in writing, that the person knows or ought reasonably to know is a misrepresentation.