Canadian Securities Regulator Proceeds
The Minister of Finance launched a Transition Office which will lead the effort to establish the Canadian securities regulator. The Transition Office will lead all aspects of the transition, including the development of the federal Securities Act, collaborating with provinces and territories, and developing and implementing a transition plan with respect to organizational and administrative matters. Mr. Doug Hyndman will be the Chair and Chief Executive Officer of the Transition Office and Mr. Bryan Davies will be the Vice-Chair. Mr. Hyndman will also be the Chair of the Advisory Committee of Participating Provinces and Territories, which will be a key interface for participating provinces and territories to shape the Canadian securities regulator. The Transition Office will begin operations July 13, 2009.
Mr. Davies’ key areas of responsibility will include stakeholder consultations, integration of the Canadian securities regulator into the legislation governing Canada’s financial stability framework, and acting as Vice-Chair of the Advisory Committee. Mr. Davies will also continue as Chair of the Canada Deposit Insurance Corporation, a part-time position.
Mr. Hyndman of Vancouver, British Columbia, has been Chair of the British Columbia Securities Commission since 1987. He is also Chair of the Accounting Standards Oversight Council. Mr. Davies of Toronto, Ontario, was appointed Chair of the Canada Deposit Insurance Corporation in 2006. Prior to his appointment, Mr. Davies was Chief Executive Officer and Superintendent of the Financial Services Commission of Ontario from 2002 to 2005.
The Canadian securities regulator will enable Canada to respond swiftly and efficiently to developments in the financial sector and speak with one voice internationally. It will also provide clearer national accountability, strengthen enforcement, better serve the needs of investors, and eliminate barriers within our own country. The Transition Office is expected to deliver within one year a plan for the transition to a Canadian securities regulator. The Government intends to work collaboratively with provinces and territories that are willing to participate in the establishment of a Canadian securities regulator.
