Expert Panel on Securities Regulation

Creating an Advantage in Global Capital Markets


Table of Contents

January 12, 2009

The Honourable Jim Flaherty, P.C., M.P.
Minister of Finance
Ottawa, Ontario K1A 0G5


Dear Minister:

We are pleased to present to you the report of the Expert Panel on Securities Regulation in Canada. The broad conclusions and recommendations presented in the report are supported by all members of the Panel. The report is accompanied by a draft Securities Act, including a commentary.

To support our deliberations, we commissioned a series of research studies. The research process was managed by the Capital Markets Institute, a research institute affiliated with the University of Toronto’s Rotman School of Management. The research studies and the draft Securities Act can be accessed at

Our work effort has been enriched by the time and energy devoted by many individuals. Those that participated in our consultation process shared important insights on how to improve securities regulation in Canada. Our special advisors, Sir Howard Davies, David Green, and Peter Hogg, Q.C., as well as our Legal Advisory Committee, gave wise counsel. The business law firm, Stikeman Elliott LLP, provided excellent legal advice, and our secretariat, led by David Murchison, delivered able, professional support along the way. The Canadian Bar Association (Securities Law Committee) provided valuable input on the draft Securities Act.

We hope that the report and draft Securities Act will be of value to your government, and to the provincial and territorial governments, as improvements to Canadian securities regulation are considered.


Thomas Hockin

The Honourable Thomas Hockin, P.C. (Chair)

Ian Bruce

Ian D. Bruce, F.C.A.

Denis Desautels

Denis Desautels, O.C., F.C.A.

Hal Kvisle

Hal Kvisle

Dawn Russell

Dawn Russell, Q.C.

Terry Salman

Terry Salman

Heather Zordel

Heather Zordel


c. Provincial-Territorial Ministers responsible for Securities Regulation