Minister Sweeney reports on meeting of Ministers of Securities Regulation

George Sweeney, Minister of Government Services and Lands met with the provincial ministers responsible for securities regulation in Montreal last week.

"We met to take stock of the consultation held with interested parties concerning the proposal to introduce a passport mechanism between the provinces and territories. The proposal is part of the project to reform the current regulatory system for which public hearings were held in several cities across Canada. These consultations revealed that all of the stakeholders would like to see changes made to the current system," said Minister Sweeney.

"A passport system means that a company wishing to raise money in Canadian capital markets will need only the approval of its principal regulator - usually the securities commission of the province where its head office is located. That approval would then be automatically accepted by all securities commissions across Canada.

"This passport will ensure that registrants (firms, brokers, etc.) can access markets all across Canada by complying with the legislation in force and by registering with only one authority, their primary jurisdiction.

"At the meeting in Montreal we agreed to move ahead with the passport system. Each jurisdiction will now consider what aspects of such a system can be implemented in the immediate future, with further goals being set for further harmonization and streamlining of regulation. It was agreed that a tangible action plan be presented by September 30, 2003."

Media contact: Jeff Mackey, Communications, (709) 729-4860.

2003 07 25                                 1:00 p.m.