Alberta’s finance minister, Iris Evans, is taking over as interim chair of the Council of Ministers Responsible for Securities Regulation.

Evans is taking over for the current chair, Greg Selinger, Manitoba’s finance minister.

Selinger plans to seek the leadership of the New Democratic Party in Manitoba, and will be stepping down as finance minister to conduct his campaign.

In a letter released by the council, which includes the ministers of every province except Ontario, Evans notes that the council should be acknowledging the implementation of the new registration regime, which took effect earlier this week.

“We cannot afford to ignore this achievement and example of the exceptional level of coordination and cooperation between provincial and territorial governments and provincial/territorial securities regulators to streamline and improve the regulatory system across Canada,” the letter says.

In a separate communique from the council, she adds, “We have created a national system of securities regulation for Canada and we are confident that we can continue to improve the Canadian securities regulatory system, while maintaining a high standard of investor protection across Canada.”

Additionally, Evans proposes that the provincial ministers follow-up on its’ letter requesting the Canadian Securities Administrators provide recommendations for further reform. “We have specifically asked for a suggested course of action for dealing with systemic risk, regulation of rating agencies, full harmonization of investor protection across Canada and new legislative tools providing emergency powers to respond to future economic and credit crises. I am very interested to see what kind of improvements and further enhancements to Canada’s regulatory system the CSA recommends and suggest we meet to discuss their proposed work plan later this fall,” it says.

IE