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NLIS 2
November 29, 2004
(Government Services)
The following statement
was issued today by Dianne Whalen, Minister of Government Services. It
was also read in the House of Assembly:
I rise today to inform
this house that the Premier and I have recently signed a Memorandum of
Understanding to agree to implement a passport system of securities
regulation in Canada.
All provinces and
territories, except for Ontario, have either signed, or have agreed to
sign, the MOU. The passport system will proceed with the participation
of all signatory provinces.
This is a major step
towards improving securities regulation in Canada. A passport system
means that firms wishing to access capital markets in more than one
province or territory will deal with only one set of rules and one
regulator.
The passport system will
streamline securities regulation in Canada, making it more efficient
for industry participants and eliminating duplication of effort by the
provinces.
Essentially, companies
will only have to deal with one principal regulator where their head
office is located, and the other jurisdictions will recognize the
approvals of that regulator. By eliminating this duplication of work,
regulators will able to devote more time to areas of consumer
protection, such as enforcement, in their own jurisdiction.
I am confident that by
working together with the other provinces we can have an effective,
streamlined and efficient regulatory structure that provides a high
standard of investor protection across the country.
The target for the
implementation of the Passport System is by August 2005. All
jurisdictions will continue to set their own fees.
In addition to this, the
provinces and territories are working on new harmonized and simplified
securities laws to be implemented by December 2006.
In the meantime, my
department is taking steps to eliminate duplication of regulation and
improve efficiencies in our own operations.
2004 11 29
1:45 p.m. |
