Log in or register
Share on LinkedInShare on LinkedIn

ARTICLE · 17 SEPTEMBER 2004

The Uniform Securities Transfer Act Will Bring Securities Transfer Laws into the Twenty-First Century

McMillan LLP
McMillan LLP
Contributor
McMillan LLP

McMillan LLP

The firm : McMillan LLP is one of Canada’s leading national law firms with offices in Montreal,...

View firm profile
Explore more from McMillan LLP

If you own shares in a public company, you’ve likely never laid eyes on a share certificate for those shares. Nowadays when you buy publicly traded securities through a broker the only evidence of ownership you have is a trade confirmation and an account statement. That’s because the vast majority of transactions in publicly traded securities today are settled electronically through "clearing agencies" such as The Canadian Depository for Securities Limited, or CDS.

CanadaFinance and Banking
McMillan LLP
McMillan LLP
Author LinkedIn connections

The Need for Reform

If you own shares in a public company, you’ve likely never laid eyes on a share certificate for those shares. Nowadays when you buy publicly traded securities through a broker the only evidence of ownership you have is a trade confirmation and an account statement. That’s because the vast majority of transactions in publicly traded securities today are settled electronically through "clearing agencies" such as The Canadian Depository for Securities Limited, or CDS. If an actual share certificate exists at all, it’s "immobilized" in one of CDS’s vaults and it’s registered in the name of a CDS nominee. Your broker is a "participant" in CDS, and trades in positions in a given security are initiated and settled on a net basis between participants through a sophisticated computerized system. This modern "book-based", "indirect" or "tiered holding" system works very well from an operational standpoint and makes possible the processing of huge volumes of trades far more

We operate a free-to-view policy, asking only that you register in order to read all of our content. Please login or register to view the rest of this article.

Register for freeORLog in

Related Articles

Legal Intelligence Newsletters: sign up for the latest legal and regulatory news on your chosen topics

Read more about

Related Comparative Guides

See more popular content from

Article

Prediction Markets In Canada: A Category-by-Category Regulatory Framework

Canadian regulators have established a category-by-category framework for prediction markets, permitting certain economic and financial event contracts through securities dealers while directing sports and entertainment contracts outside that regime. This emerging approach creates distinct regulatory pathways depending on contract structure and underlying event type, raising critical questions about classification, market integrity, and compliance for platforms, dealers, and financial institutions navigatin
CanadaFinance and Banking
Bennett Jones LLP
Bennett Jones LLP
Article

Speculation Or Security: Canada’s Evolving Regulatory Framework For Prediction Markets

Canadian securities regulators have established a limited framework for prediction markets, restricting which event contracts can be offered to investors and under what conditions. While certain economic and financial forecasts may be traded through authorized dealers, contracts based on political events, sports, or entertainment remain prohibited, and compliance with securities law does not resolve potential exposure under criminal gambling provisions.
CanadaFinance and Banking
McMillan LLP
McMillan LLP
Article

OSC Releases Crypto Asset Survey Results

The Ontario Securities Commission's 2026 survey reveals significant shifts in Canadian cryptocurrency adoption, awareness, and sentiment. With ownership rates more than doubling since 2023 and a growing belief that crypto will play a key role in Canada's financial system, the findings paint a picture of an evolving landscape where traditional financial advisors increasingly recommend crypto investments, yet regulatory awareness remains surprisingly low among the general population.
CanadaFinance and Banking
Osler, Hoskin & Harcourt LLP
Osler, Hoskin & Harcourt LLP
Article

Powering Up: Grid Access, Strategic Screening And Canada’s Emerging Data Centre Regimes

Canada is rapidly becoming a key destination for data centre investment, fueled by artificial intelligence and cloud computing growth. However, this expansion places unprecedented demands on electricity grids, water resources, and local communities. As federal and provincial governments introduce new frameworks to manage these resource challenges, developers and investors must navigate an increasingly complex landscape where power strategy...
CanadaEnergy and Natural Resources
McMillan LLP
McMillan LLP
Article

Cleared For Investment: Canada Opens The Door To Private Capital At Its Largest Airports

Prime Minister Mark Carney has announced plans to seek private investment through long-term concessions to operate Canada's four largest airports: Toronto Pearson, Vancouver, Montréal-Trudeau and Calgary. While the government would retain ownership of underlying land and assets, this represents a fundamental shift from the current not-for-profit airport authority model that has governed these facilities since the 1990s.
CanadaTransport
McMillan LLP
McMillan LLP
Article

Building Momentum: Canada Advances Major Projects Under The Building Canada Act

The federal government has published notices proposing to add the Mackenzie Valley Highway and Roberts Bank Terminal 2 to Schedule 1 of the Building Canada Act as projects of national interest. These potential listings, following a similar notice for the West Coast Oil Pipeline, provide the first practical indications of how the government may use the Act to advance major infrastructure projects through streamlined federal approvals while maintaining Indigenous consultation and environmental assessment requ
CanadaGovernment, Public Sector
McMillan LLP
McMillan LLP
Article

Changes To Fisheries Act Authorizations Regulations Streamline Application Process

On October 15, 2026, amendments to Canada's Fisheries Act Authorizations Regulations will streamline the application process for projects affecting fish and fish habitat. How will the new risk-based approach to offsetting requirements, deferred financial guarantees, and expanded ministerial powers reshape regulatory compliance for proponents navigating federal environmental approvals?
CanadaEnvironment
McMillan LLP
McMillan LLP
Article

New Performance Standards For Button/Coin Batteries And Products Containing Them Now In Effect In Canada

Health Canada has introduced mandatory performance standards for consumer products containing button/coin batteries, requiring immediate compliance from manufacturers, importers, advertisers, and sellers. Companies must now certify that their products, packaging, and labelling meet specified safety criteria or equivalent standards to mitigate ingestion hazards. This regulatory update offers a more flexible, outcomes-based approach compared to the prescriptive requirements of Reese's Law in the United States
CanadaConsumer Protection
McMillan LLP
McMillan LLP
Article

Speculation Or Security: Canada’s Evolving Regulatory Framework For Prediction Markets

Canadian securities regulators have established a limited framework for prediction markets, restricting which event contracts can be offered to investors and under what conditions. While certain economic and financial forecasts may be traded through authorized dealers, contracts based on political events, sports, or entertainment remain prohibited, and compliance with securities law does not resolve potential exposure under criminal gambling provisions.
CanadaFinance and Banking
McMillan LLP
McMillan LLP
Article

Canada’s Productivity Mega Deduction: Big Name, Big Opportunities For Business Aviation

Canada's proposed Productivity Mega Deduction would allow businesses to immediately write off the full cost of newly acquired capital assets, including aircraft and flight simulators, rather than spreading deductions over multiple years. This permanent change to the capital cost allowance regime could significantly benefit the business aviation industry, though taxpayers must carefully consider timing, income requirements, and documentation to maximize the deduction's value.
CanadaTax
McMillan LLP
McMillan LLP