The Provincial-Territorial Council of Ministers of Securities Regulation met yesterday in Quebec and pledged to keep reforming the system to enhance investor protection and improve efficiency.

On September 19, the passport system was adopted in every province except Ontario, which is still pursuing a single regulator. The passport system allows issuers and registrants to deal only with the regulator in their principal jurisdiction, providing a single window of access.

At yesterday’s meeting, the ministers reviewed progress and approved a work plan for the coming year. “We’ve gained some momentum with this month’s improvements and we will continue to make meaningful reforms to further harmonize and simplify securities laws across Canada,” said Shirley McClellan, deputy premier and minister of finance for Alberta, and chair of the Council.

“In the coming year, we want to focus on inspiring greater investor confidence, while also making Canada’s capital markets more competitive with markets around the globe,” she added.

The guiding principles for the work plan are: ensuring the highest level of investor protection; making sure markets are competitive; ensuring the regulatory response is proportionate to the need and cost; increasing the flexibility and cost effectiveness of securities regulation; and providing sufficient oversight and accountability.

McClellan will continue to act as chair of the Council, supported by other members of the executive including Quebec’s minister of finance Michel Audet, who hosted the meeting; Manitoba’s minister of finance, Greg Selinger; and New Brunswick’s minister of justice and attorney general, Bradley Green.