Straight Talk  

Panel formed to simplify Canadian securities regulations

The Canadian finance minister has announced the formation of a seven-member industry panel to work toward simplifying Canada’s securities regulatory environment.

Tom Hockin, a former cabinet minister, has been appointed to lead the panel in anticipation of developing a “model common securities act" and their recommendations are expected by the end of 2008.

Currently there is no single national securities regulator in Canada and each province and territory has its own securities commission and regulations.  This fragmented environment is frequently cited as a barrier to the efficient registration and sale of securities and other investment products.

At the moment, 12 of 13 provinces and territories, with the exception of Ontario, have agreed to a new “passporting” system which would allow prospectuses in one province to be recognized in the others.  The panel will be investigating this approach among others.

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