Ottawa, April 21, 2008 — The Expert Panel on Securities Regulation in Canada has today officially launched its consultation process. The Panel, appointed in February by federal Minister of Finance Jim Flaherty, is seeking input to develop a model common securities act for Canada.
“The Minister has given us a clear mandate -- to help create a Canadian advantage in global capital markets," said Panel Chair, the Honourable Thomas Hockin, P.C. “To that end, we are today issuing a consultation document that will help frame the discussions we will undertake in the months ahead.”
The document -- now available at the Panel’s website www.expertpanel.ca -- provides background information, discusses the terms of reference and poses a series of questions the panel is interested in seeking answers to.
“Our goal is to seek input on the best way forward to improve securities regulation in Canada. To do that, we will seek the views of a range of stakeholders on these issues,” said Mr. Hockin.
The consultation process builds upon the positive steps taken in recent years by the full range of partners, including provinces, territories and regulators, contributions by private sector groups, and international best practice. Interested parties will have several ways to participate, including by directly contributing their views through the panel’s website. The deadline for submissions is July 15, 2008.
As well, the panel, whose additional members are Ian Bruce, Denis Desautels, Hal Kvisle, Dawn Russell, Terry Salman and Heather Zordel, is also planning a limited number of face-to-face meetings across the country.
Mr. Hockin also announced the team that will be supporting the work of the panel. The University of Toronto’s Capital Markets Institute (CMI) has been appointed as the Research resource to the Panel. The CMI will assist in the design and direction of the Panel’s research program. Co-heads Paul Halpern, TSX Chair in Capital Markets, Rotman School of Management, University of Toronto and Poonam Puri, Associate Professor of Law, Osgoode Hall Law School, York University will jointly carry out the function of research director.
As well, the Chair announced that the law firm of Stikeman Elliot has been engaged to provide legal advice and assistance to the Panel and is specifically tasked with developing the draft model common securities act. Recognized nationally and internationally, Stikeman Elliott has offices in Toronto, Montréal, Ottawa, Calgary and Vancouver and its Canadian offices are among the leading practices in their respective jurisdictions.
The Panel will provide third party advice and recommendations to ministers —federal, provincial and territorial — and is expected to deliver a final report and draft model securities act by the end of 2008.
For those who would like to communicate with the Panel, it can be done in the following ways:
For further information contact:
Communications and Consultations Manager