The Canadian Securities Administrators released today consultation drafts of legislation that proposes uniform securities laws.

The consultation drafts are being published as part of the CSA’s Uniform Securities Legislation (USL) Project. The CSA began this project in March 2002 with the objective of developing uniform securities legislation within two years.

The consultation drafts consist of a Uniform Securities Act and a Model Securities Administration Act. The Uniform Securities Act contains the core substantive provisions of securities law.

The Model Securities Administration Act contains the procedural components of securities laws and is a companion to the Uniform Securities Act based on the law of Alberta. The CSA says each jurisdiction will prepare its own administration act based on this model.

“Today’s publication is an achievable, practical and substantial contribution to the ongoing debate on reform of our system of securities regulation. Uniform securities laws would provide significant benefits to participants in Canada’s capital markets,” said Stephen Sibold, chairman of the CSA and chairman of the USL Steering Committee.

The draft Uniform Securities Act and Model Securities Administration Act are the CSA’s legislative proposals. They have not yet been reviewed or approved by any provincial or territorial government.

The CSA also published a commentary that provides an overview of the draft Uniform Securities Act and Model Securities Administration Act. The entire package is available on several securities commission web sites.

Comments on the proposal are requested by March 16, 2004.