Uniform Securities Transfer Act

The CCMA has played a fundamental role in bringing the Uniform Securities Transfer Act (USTA) into effect in the provinces of Alberta and Ontario. Other provinces have amendments under consideration and are expected to enact USTA within the next two years.

In late 2006, the CCMA Legal/Regulatory Working Group met with the Federal Department of Finance to provide feedback regarding the amendments to the Canadian Securities Transfer Law (CSTL) following the enactment of provincial securities transfer legislation. The current CSTL is outdated, federal and provincial statutes are not harmonized and the CSTL is not consistent with U.S. law.

USTA will modernize the legal framework underpinning of each province’s financial services sector thus enhancing global competitiveness. In particular, USTA harmonizes securities transfer laws with provisions in fifty U.S. states. These legislative amendments to corporate and personal securities laws will enhance cross-border commercial activity.