Federal Finance Minister Jim Flaherty welcomed the final report of the Expert Panel on Securities Regulation, which recommends the establishment of a federal securities regulator and a single securities act for Canada. The report was released Monday.

“The seriousness of the current financial and economic crisis requires bold action,” stated Flaherty. “Canadians expect improved regulation of their capital markets.”

“I am optimistic that provinces and territories will join us in the coming months as willing partners to discuss the next steps in establishing a new regulatory regime.”

The Expert Panel, chaired by Tom Hockin, also submitted a draft securities act and implementation plan with its report.

“Our government intends to move forward on recommendations in this report,” Flaherty confirmed. “We will include measures in the 2009 budget to move toward a federal securities regulator and single securities act.”

Anticipating opposition from some of Canada’s provinces, Flaherty added, “Our approach, in keeping with the Expert Panel’s recommendations, will be reasonable, flexible and effective. We will respect the jurisdictions of the provinces and territories, and work with them as partners.”

A copy of the panel report is available at www.expertpanel.ca.