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Ottawa, October 3, 2002
2002-082

Finance Minister Appoints Harold Mackay as Special Representative to Advise on Canadian Securities Regulation

John Manley, Deputy Prime Minister and Minister of Finance, announced today the appointment of Harold MacKay as his Special Representative to recommend a process to determine the best securities regulatory system for Canada’s needs and to identify the key issues to be addressed in that process. He will begin his work immediately and has been asked to report by November 15, 2002.

“I have asked Mr. MacKay to focus on the development of a modern and efficient securities regulatory system that inspires investor confidence and supports competitiveness, innovation and growth - one that is responsive to the important requirements of regional capital markets and emerging public companies,” Minister Manley said.

Today’s announcement follows the Government’s commitment in the Speech from the Throne to work with all participants to ensure that Canada has the modern and efficient securities regulatory system it needs.

“As noted in the Speech from the Throne, many investors and businesses have expressed concern that Canada’s fragmented securities regulatory structure is inadequate and an obstacle to growth,” Minister Manley said. “They have urged reform to ensure that business can efficiently access the financing they need to grow, and to assure Canadians that they will be treated fairly when they invest.”

As part of his work, Mr. MacKay will be talking with key participants across the country interested in efficient securities regulation.

Mr. MacKay, a Regina lawyer, served as the chair of the Task Force on the Future of the Canadian Financial Services Sector in 1997 and 1998. He was appointed the Clifford Clark Visiting Economist at the Department of Finance in June of this year.

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