An overwhelming majority of members of the Prospectors and Developers Association of Canada (PDAC) want a single national securities regulator and uniform securities laws across Canada.

In addition, 75% of those surveyed expressed their desire for the introduction of a separate set of securities laws for junior companies that are less complex, costly and time-consuming than existing securities laws.

In a recent membership survey conducted on behalf of PDAC by Angus Reid Strategies, 88% of those surveyed said they wanted a single national securities regulator. The online survey was conducted among a representative sample of 255 members from September 21 to October 10. The results are accurate within a margin of error of +/- 6.0%, 19 times out of 20.

Almost half of respondents expressed dissatisfaction with the provincial securities commissions. The survey found moderately positive ratings for the current Passport System. However, when asked to choose between a continuation of the Passport System with Ontario as a participant and a single national securities regulator, 62% preferred a single national regulator and 10% preferred an Ontario-inclusive Passport System — 28% were unsure.

Respondents believe that the advantages of a single regulator will include reduced cost, reduced compliance times and increased international competitiveness.

Patricia Dillon, president of the PDAC, stated, “The PDAC has been a long time supporter of the establishment of a single regulator with meaningful regional representation. We have also supported the introduction and reform of securities laws in order to facilitate raising capital and minimize the costs of regulatory compliance. The results of this survey clearly demonstrate that PDAC members consider securities reform to be a priority issue.”

A copy of the survey results and the online survey questionnaire are available at www.pdac.ca.

The PDAC is a national organization whose membership consists of approximately 7,000 individuals and corporations who are engaged in mineral exploration and mining activities throughout the world.