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ARTICLE · 22 FEBRUARY 2007

The New Securities Transfer Act

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The Securities Transfer Act, 2006 (Ontario) (the “STA”) and related amendments to the Personal Property Security Act (Ontario) (the “PPSA”) came into force as of January 1, 2007. The STA modernizes commercial law in Canada by implementing new rules governing property rights that exist whenever securities are bought, sold or used as collateral.

CanadaCorporate/Commercial Law
Mark Surchin
Mark Surchin
David Wiseman
David Wiseman
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The Securities Transfer Act, 2006 (Ontario) (the "STA") and related amendments to the Personal Property Security Act (Ontario) (the "PPSA") came into force as of January 1, 2007. The STA modernizes commercial law in Canada by implementing new rules governing property rights that exist whenever securities are bought, sold or used as collateral. It is intended to accommodate modern securities settlement systems where securities are held indirectly through intermediaries in centralized securities depositories and where computerized book-entries are relied upon for settlement.

Alberta has passed virtually identical legislation and the other provinces are expected to follow suit with similar legislation in the next year or so, with the aim of implementing uniform securities transfer laws across Canada. The new rules in Ontario and Alberta have been based on Revised Article 8 of the U.S. Uniform Commercial Code.

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