Automatic Reciprocation
Effective July 1, 2015, the Government of Alberta has proclaimed into force amendments to the Securities Act (Alberta), which included the creation of section 198.1. Among other things, as a result of section 198.1 of the Securities Act (Alberta), when another securities regulatory authority in Canada issues an order or enters into an agreement imposing sanctions, conditions, restrictions or requirements on a person or company, it will automatically apply in Alberta. That order or agreement will come into effect without notice to the person or company and without a hearing. It will have effect as if it were made by the Alberta Securities Commission, with only such modifications as the circumstances require.
If the order or agreement is varied, amended or revoked by a securities regulatory authority in Canada, the variation, amendment or revocation will also apply in Alberta.