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OTTAWACanada's minister of finance has established a task force to review securities regulation in the nation.
The task force will make recommendations on how Canada can develop a system that streamlines regulation across the various Canadian jurisdictions, possibly through creation of a uniform securities act and a single securities regulator. The group also will evaluate ways to promote principles-based regulation and facilitate better enforcement of securities statutes, among other things.
Currently, securities regulation varies by province and territory, although several provincial and territorial regulators have taken steps in recent years to harmonize their legislation and simplify their legislative and regulatory frameworks.
The expert panel will deliver a final report and a draft model securities act to the Finance Minister Jim Flaherty as well as provincial and territorial ministers responsible for securities regulation by the end of the year.