John Manley, Deputy Prime Minister and Minister of Finance, and Maurizio Bevilacqua, Secretary of State (International Financial Institutions), on Tuesday announced the formation of a Wise Persons’ Committee, which will recommend the securities regulatory structure that will best meet Canada’s needs.

The committee has been instructed to focus on the development of a system that will best support competitiveness, innovation and growth in Canada’s capital markets. In addition, the system should inspire investor confidence and be responsive to the important requirements of regional capital markets and emerging public companies.

Ottawa says the committee’s work will complement the ongoing efforts by provinces to improve securities regulation in Canada, says Finance. It has been asked to submit its final report by November 30.

Michael Phelps will serve as chair of the committee. Phelps is the chairman of Dornoch Capital Inc. and former chairman and CEO of Westcoast Energy Inc.

The committee will also include:

  • Harold MacKay as vice-chair, Mackay is senior partner in the Regina-based law firm of MacPherson Leslie & Tyerman LLP, he also chaired the Task Force on the Future of the Canadian Financial Services Sector and recommended this committee in the first place;
  • Tom Allen, senior partner Ogilvy Renault, chairman of the Accounting Standards Oversight Council of Canada, and chairman of Westwind Capital Corp.;
  • Pierre Brunet, chair of the Canadian Institute of Chartered Accountants;
  • Wendy Dobson, director Institute for International Business and professor at the Rotman School of Management;
  • Edwin Harris, counsel with the Halifax office of the law firm Patterson Palmer; and
  • Michael Tims, chairman Peters & Co. Ltd.

“We have appointed a group of highly dedicated and capable Canadians to take a fresh and independent look at the issue of securities regulatory reform. The Committee’s recommendations will help guide federal and provincial governments as we strive to improve Canada’s system of securities regulation,” Manley said.