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The Honourable Jim Flaherty, Minister of Finance, today welcomed the release of a detailed plan by the Canadian Securities Transition Office to help ensure a smooth and orderly transition to a Canadian securities regulator.
"It is extremely important that the implementation of a Canadian securities regulator will be seamless for financial system professionals and investors alike,” said Minister Flaherty. “The transition plan released today lays out a path to that end and represents a key milestone in the establishment of an effective Canadian securities regulator that will improve securities regulation in Canada, strengthen protection for investors and enhance enforcement."
In setting out a vision for the Canadian securities regulator and a road map for its establishment, the Plan also addresses organizational and administrative matters such as staffing and employee benefits.
"I appreciate the work the Transition Office has done and continues to do,” said Minister Flaherty. “I invite all provinces and territories to join the efforts to establish a Canadian securities regulator."
The Transition Office consulted closely with the Advisory Committee of Participating Provinces and Territories, as well as officials and regulators of participating provinces, in developing the transition plan. Going forward, the Transition Office will continue to work with participating provinces and territories, including through the Advisory Committee, on matters relating to human, financial, material and informational resources, as well as the regulations that will complement the proposed Canadian Securities Act.
The transition plan follows the release of the proposed Canadian Securities Act on May 26, 2010. The next step will be the development of agreements with the participating provinces and territories and continued refinement of the organizational and administrative matters in the transition plan.
For further information, media may contact:
Annette Robertson
Press Secretary
Office of the Minister of Finance
613-996-7861
Jack Aubry
Media Relations
Department of Finance
613-996-8080
