The New Securities Transfer Act
|Lawyer||Mark Surchin, David Wiseman|
|Area||Banking and Finance Law, Corporate Finance and Securities|
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.