Vancouver, January 12, 2009
2009-006
The Honourable Jim Flaherty, Minister of Finance, today welcomed the release of the final report of the Expert Panel on Securities Regulation, which recommends the establishment of a federal securities regulator and a single securities act for Canada.
"The seriousness of the current financial and economic crisis requires bold action," said Minister Flaherty. "Canadians expect improved regulation of their capital markets."
"I am optimistic that provinces and territories will join us in the coming months as willing partners to discuss the next steps in establishing a new regulatory regime."
The Expert Panel, chaired by the Honourable Tom Hockin, also submitted a draft securities act and implementation plan with its report.
"Our Government intends to move forward on recommendations in this report," said Minister Flaherty. "We will include measures in the 2009 budget to move toward a federal securities regulator and single securities act."
"Our approach, in keeping with the Expert Panel’s recommendations, will be reasonable, flexible and effective. We will respect the jurisdictions of the provinces and territories, and work with them as partners."
"There is more work to be done, but we have made an important first step in strengthening the stability and effectiveness of Canada’s financial system today."
A copy of the panel report is available at www.expertpanel.ca.
For further information, media may contact:
Chisholm Pothier
Press Secretary
Office of the Minister of Finance
613-996-7861
Jack Aubry
Media Relations
Department of Finance
613-996-8080
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