Wise persons committee finishes consultation round

(August 26, 2003) The federally appointed wise persons committee on securities regulation has wrapped up its public consultation phase, having received 80 written submissions on how to reform Canada’s patchwork of regulatory bodies.

“We are very pleased with the quantity — and especially the quality — of the input we have received from market participants across Canada,” said Michael Phelps, chair of the committee. “We thank everyone who has participated in the process to date for their thoughtful and constructive views, and commend their willingness to comment on these important issues.”

The committee will now busy itself with sifting through the submissions, with external auditors crunching the empirical data, to arrive at its recommendation for reform. The final report to the federal finance minister is due November 30.

“One of the alternatives that we are considering is the structure known as the ‘passport system,’ which has been studied by the provincial ministers’ committee,” said Phelps.

Are you in favour of the passport model? Or would you prefer to wait for a more comprehensive regulatory reform solution? Join a discussion already underway in the “Free For All” forum of the Talvest Town Hall on Advisor.ca.

Filed by Steven Lamb, Advisor.ca, slamb@advisor.ca