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ARTICLE · 21 MARCH 2007

The New Securities Transfer Act - "Control" Your Collateral

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The Securities Transfer Act, 2006 (the "STA") came into force in Ontario on January 1, 2007.

CanadaStrategy
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Introduction

The Securities Transfer Act, 2006 (the "STA") came into force in Ontario on January 1, 2007. The legislation is intended to be a first step towards the establishment of a uniform approach to the transfer and pledging of securities across Canada, with similar legislation to be introduced in the other Provinces over time. Currently, Alberta is the only other Province to have enacted similar legislation.

The provisions of the STA, and various related amendments to the Personal Property Security Act (Ontario) (the "PPSA") and Business Corporations Act (Ontario), will now require lenders to reconsider how they take security in shares and other securities and, in particular, in circumstances where the shares or securities in question are held indirectly by a borrower through an intermediary, such as a securities dealer or broker.

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