Expert panel to look at ways to improve Canadian securities regulation

Canada has appointed an expert panel to help look at ways to improve securities regulation in Canada, including an examination of whether the country should establish one common securities regulator for the entire country.
“I am asking the panel to develop a model common securities act to create a Canadian advantage in global capital markets,” said Department of Finance Minister Jim Flaherty. “This effort will build on 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.”
The expert panel will provide independent advice and recommendations to ministersfederal, provincial and territorialon the best way forward to improve securities regulation in Canada.
The panel will deliver a final report and draft model securities act to Flaherty and to provincial and territorial ministers responsible for securities regulation by the end of 2008.
The group will focus on five key areas:
the outcomes, principles and performance measures needed to pursue a Canadian advantage in global capital markets;
how Canada could best promote and advance proportionate, more principles-based regulation;
how this could facilitate and be reinforced by better enforcement;
how this regulatory approach could be implemented under a passport system or under a model common act with a common securities regulator; and
the transition path, including key steps and timelines, to effect proposed changes to the content, structure and enforcement of regulation.
Former minister of state (finance) Tom Hockin will chair the expert panel.