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ARTICLE · 15 DECEMBER 2008

Quebec’s New Securities Transfer Legislation And Its Consequences For Secured Creditors

Norton Rose Fulbright Canada LLP
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The adoption of the “Act respecting the transfer of securities and the establishment of security entitlements” (the “STA”) by Quebec’s National Assembly on June 18, 2008 is in line with a series of measures taken by legislators in a number of jurisdictions in an effort to make their laws reflect the reality of the “indirect holding system” for financial assets

CanadaFinance and Banking
Norton Rose Fulbright Canada LLP
Norton Rose Fulbright Canada LLP
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Background

The adoption of the Act respecting the transfer of securities and the establishment of security entitlements (the "STA") by Quebec's National Assembly on June 18, 2008 is in line with a series of measures taken by legislators in a number of jurisdictions in an effort to make their laws reflect the reality of the "indirect holding system" for financial assets. After the authorities in the United States began the process of modernizing Article 8 of the Uniform Commercial Code entitled Investment Securities, legislators in several Canadian provinces, namely, British Columbia, Alberta, Saskatchewan, Manitoba, Ontario and Newfoundland and Labrador, followed their lead. Now Quebec has joined the trend by passing the STA, which will come into force on January 1, 2009.

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