June 11, 2003

Stakeholders given opportunity for input on improving the securities framework in Canada

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Edmonton... Stakeholders from across the country are being asked to provide input on a discussion paper proposing improvements to the securities regulatory framework and access to Canadian capital markets. Greg Melchin, Minister of Revenue for the Government of Alberta and Chair of a Steering Committee of Ministers, today released a discussion paper: Securities Regulation in Canada: An Inter-Provincial Securities Framework.

"Effective securities regulation is key to investor protection and efficient, vibrant and competitive national and local capital markets," said Melchin. "This paper sets out the goal and principles that Ministers will use in this reform initiative, along with the issues identified by stakeholders. Ministers have agreed that a passport system should be consulted on as a practical and timely response to issues that have been identified in the marketplace."

The discussion paper proposes a passport system that would give regulated market participants access to the capital markets of all participating provinces and territories, with approval of their primary jurisdiction. Stakeholders and other interested parties are invited to submit comments on the proposed system. As well, representatives from the steering committee will be attending meetings with stakeholders in six cities across the country.

"We look forward to comments and feedback from stakeholders on the proposed passport system," said Melchin. "We are committed to building on, and fundamentally improving, the Canadian securities regulatory framework."

A Steering Committee of Ministers from Alberta, British Columbia, Saskatchewan, Manitoba, Ontario, and Quebec is spearheading this reform process. Ministers responsible for securities regulation in all other provinces and territories have expressed support. An action plan to implement improvements is targeted for development by September 30, 2003.

Copies of the discussion paper have been circulated to stakeholders across the country and are available on the Alberta Revenue web site.  The deadline for comments on the discussion paper is July 15, 2003.

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