Investor protection will be enhanced and red tape will be reduced as a result of a British Columbia government decision to continue to work with other provinces and territories to support the regulatory “passport” agreement, B.C. Attorney General Wally Oppal announced Friday.

Provincial ministers responsible for securities meeting in Victoria last week affirmed the commitment of most provinces and territories to harmonize and streamline our legislation. “It is now clear that the provincial-territorial agreement offers the best way for Canada to improve protection for investors and reduce regulatory burden on the securities markets,” Oppal said in a release.

A memorandum to establish a passport system for securities regulation and to harmonize and streamline laws across Canada has already been signed by ministers from all provinces and territories, except Ontario.

B.C. Securities Commission chair Doug Hyndman welcomed the B.C.’s decision. “This will allow us to focus our efforts on the passport system,” Hyndman said. “We intend to work with the government and our colleagues in other provinces and territories to make Canadian regulation more efficient and effective, particularly by seeking national acceptance of an approach based on clear principles and on regulatory requirements and processes designed to achieve results.”

B.C. passed a new Securities Act in 2004, but has not yet brought it into force. Government initially delayed implementing the act to give industry more time to prepare for the changes. Since then, provinces and territories have made significant progress toward the passport system.

Oppal said that, based on recommendations made by the commission, implementation of the B.C. act is not expected before Dec. 31, 2007 to allow regulatory officials to fully participate in the passport system.

“The goal of this passport system is to provide a single window of access to capital markets in all participating jurisdictions,” Oppal said. “We will continue to work with the rest of Canada to streamline and harmonize requirements.”

B.C.’s decision to shelve its securities act comes just months after Ontario launched its campaign for a national securities commission saying it wanted to start talks with other provinces.

Ontario has advocated basing those discussions on a report by Toronto lawyer Purdy Crawford.

The report outlines a detailed model for the structure and operation of a new national commission, including a recommendation that it be overseen by a council of ministers with one vote from each participating jurisdiction, including the federal government.