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OC 128/2014 - The Labour-sponsored Venture Capital Corporations Amendment Regulations, 2014 (Minister of the Economy)
Description:

Title: The Labour-sponsored Venture Capital Corporations Amendment Regulations, 2014

Minister: Minister of the Economy

Summary: (1) Subject to subsections (2) and (3), these regulations come into force on the day on which they are filed with the Registrar of Regulations.

(2) Sections 3, 4 and 6 come into force on the day on which these regulations are filed with the Registrar of Regulations but are retroactive and are deemed to have been in force on and from January 1, 2012.

(3) Section 8 comes into force on the day on which these regulations are filed with the Registrar of Regulations but is retroactive and is deemed to have been in force on and from November 20, 2012.

These regulations will amend RRS L-0.2 Reg 1 to:

  • Continue the increased annual limit for Type A funds from $50 million to $55 million for the 2012-2013 fiscal year;
  • Continue the increased aggregate value of tax credits that may be issued from $20.2 million to $22.2 million for the 2012-2013 fiscal year;
  • Prohibit Type A corporations from purchasing new investments in public corporations with over $500 million capitalization;
  • Make it mandatory for Type A corporations to divest (by December 31, 2014) any and all investments in public corporations with over $500 million capitalization;
  • Prohibit Type A corporations from purchasing new investments in agricultural land for the purpose of renting or leasing;
  • Reduce the annual limit for all pool funds from $110 million to $80 million for 2013-2014 and subsequent years;
  • Reduce the aggregate value of tax credits to $16.2 million for the 2013-2014 and subsequent years;
  • Limit any one pool fund to raising $40 million annually for 2013-2014 and subsequent years;
  • Change eligible investments from businesses with less than 500 Saskatchewan employees to 500 total employees.
See: The Labour-sponsored Venture Capital Corporations Act, section 28





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