<<SR_PageTitle>>

Regulation number	Title
S-5.5	Securities Act

Under subsection 200(2) of the Securities Act, the Lieutenant-Governor in Council makes the following Regulation:

Citation

1This Regulation may be cited as the Rule-making Procedure Regulation - Securities Act.

Definition of “Act”

2In this Regulation, “Act” means the Securities Act.

Publication of notice and proposed rule

3Before making a rule under section 200 of the Act, the Commission shall

(a) publish electronically

(i) the proposed rule,

(ii) an explanation of the proposed rule and the reasons for it,

(iii) a statement that comments in writing may be made to the Commission in respect of the proposed rule within 60 days after the date on which the proposed rule was published under this paragraph, and

(iv) the name, address and telephone number of the contact person to whom comments referred to in subparagraph (iii) may be made,

(b) publish in The Royal Gazette a notice of the proposed rule that sets out

(i) a summary of the proposed rule,

(ii) a statement that comments in writing may be made to the Commission in respect of the proposed rule within 60 days after the date the proposed rule was published under paragraph (a),

(iii) the name, address and telephone number of the contact person to whom comments referred to in subparagraph (ii) may be made, and

(iv) the address at which a printed copy of the proposed rule may be obtained and the web site at which the proposed rule is published electronically,

(c) comply with section 5, if applicable,

(d) comply with subsection 6(1) or (2), and

(e) obtain the Minister’s written consent to the proposed rule being made.

Exemption

4The Commission is not required to comply with the requirements of paragraphs 3(a), (b) and (c) and section 5 if

(a) all of the persons who would be subject to the proposed rule are named in the proposed rule, a copy of the proposed rule is sent to each of them and they are given an opportunity to make written representations with respect to it,

(b) the proposed rule grants an exemption or removes a restriction, and the Commission is of the opinion that the proposed rule would not likely have a substantial effect on the interests of persons other than those who would benefit under the proposed rule, or

(c) the proposed rule would be an amendment or variation that in the opinion of the Commission would not materially change an existing rule.

Alteration of proposed rule

5If, after the proposed rule has been published under paragraph 3(a), the Commission wishes to alter the proposed rule, the Commission shall, if in its opinion the alterations would materially change the proposed rule,

(a) publish electronically

(i) the altered proposed rule with the alterations incorporated and identified,

(ii) a summary of the alterations and the reasons for them,

(iii) a statement that comments in writing may be made to the Commission in respect of the altered proposed rule within 30 days after the date on which the altered proposed rule was published under this paragraph, and

(iv) the name, address and telephone number of the contact person to whom comments referred to in subparagraph (iii) may be made, and

(b) publish in The Royal Gazette a notice of its intention to alter the proposed rule that sets out

(i) a summary of the alterations,

(ii) a statement that comments in writing may be made to the Commission in respect of the altered proposed rule within 30 days after the date on which the altered proposed rule was published under paragraph (a),

(iii) the name, address and telephone number of the contact person to whom comments referred to in subparagraph (ii) may be made, and

(iv) the address at which a printed copy of the altered proposed rule may be obtained and the web site at which the altered proposed rule is published electronically.

2012-98

Information to be provided to Minister

6(1)After the expiry of the 60-day period referred to in subparagraph 3(a)(iii) or the 30-day period referred to in subparagraph 5(a)(iii), as the case may be, the Commission shall provide the Minister with

(a) a copy of the proposed rule, with any alterations incorporated,

(b) a copy of the notice published under paragraph 3(b) and a copy of the notice, if any, published under paragraph 5(b),

(c) a copy of the written comments received in response to the statement published under subparagraph 3(a)(iii) or to the notice published under paragraph 3(b) and in response to the statement, if any, published under subparagraph 5(a)(iii) or to the notice, if any, published under paragraph 5(b), and

(d) any other information requested by the Minister.

6(2)If, in accordance with section 4, the Commission is not required to comply with the requirements of paragraphs 3(a), (b) and (c) and section 5, the Commission shall, in order to obtain the consent of the Minister to the proposed rule being made, provide the Minister with

(a) a copy of the proposed rule,

(b) a copy of the written representations, if any, received in response to the proposed rule, and

(c) any other information requested by the Minister.

6(3)Within 60 days after receiving the information and material referred to in subsection (1) or (2), the Minister may, in writing,

(a) consent to the proposed rule being made,

(b) refuse to consent to the proposed rule being made, or

(c) direct the Commission to reconsider the proposed rule and include any direction for the Commission to follow that the Minister considers appropriate.

6(4)If, within 60 days after receipt of the information and material referred to in subsection (1) or (2), the Minister does not consent to or refuse to consent to the proposed rule being made or direct the Commission to reconsider the proposed rule, the Minister shall be deemed to have consented to the proposed rule being made and the Commission shall be deemed to have obtained the Minister’s written consent to the proposed rule being made for the purposes of paragraph 3(e).

2012-98

Emergency rules

7(1)The Commission may make rules under section 200 of the Act without complying with sections 3 and 5 and subsection 6(1)

(a) if the Commission is of the opinion that

(i) it is in the public interest to make the proposed rule without delay because there is an urgent need for the proposed rule, and

(ii) without the proposed rule being made, there is a substantial risk of material harm to investors or to the integrity of capital markets, and

(b) if the Commission has provided the Minister with

(i) a copy of the proposed rule,

(ii) an explanation of the need for and the anticipated effect of the proposed rule,

(iii) the date on which the proposed rule will be published under paragraph 201(1)(a) of the Act and will thereby come into force, and

(iv) an explanation as to why the proposed rule is of an urgent nature.

7(2)A rule made by the Commission under subsection (1) ceases to be effective after 275 days from the day the rule comes into force unless within that 275-day period the Commission complies with section 3 as if the rule were a proposed rule, and, for the purposes of this subsection, a reference to “being made” in paragraph 3(e), subsection 6(2), paragraphs 6(3)(a) and (b) and subsection 6(4) shall be read as a reference to “continuing in force”.

Notice of rule

8A notice required to be published under paragraph 201(1)(b) of the Act shall set out the following:

(a) the title of the rule;

(b) for rules other than rules made in the circumstances set out in section 7, the date of the written consent or the deemed consent of the Minister to the rule being made;

(c) a summary of the rule;

(d) in the case of a rule made in the circumstances set out in section 7, an explanation of the nature of the urgency and the risk;

(e) the date on which the rule came into force; and

(f) the address at which a printed copy of the rule may be obtained and the web site at which the rule is published electronically.

Commencement of rules

9A rule comes into force on the day the rule is published electronically by the Commission as required under paragraph 201(1)(a) of the Act or on such later date as is specified in the rule.

Repeal

10New Brunswick Regulation 2004-66 under the Securities Act is repealed.

Commencement

11This Regulation comes into force on September 1, 2010.

N.B. This Regulation is consolidated to November 27, 2012.

2010-127 - Rule-making Procedure

Copy to Clipboard