The Investment Dealers Association of Canada (IDA) today welcomed the release of the final report of the Task Force to Modernize Securities Legislation in Canada.

On June 27, 2005 the IDA announced the establishment of this independent task force of prominent business leaders, securities lawyers, industry professionals and academics to recommend changes to Canadian securities legislation to achieve a dynamic, fair, efficient and competitive capital market. The Task Force was asked to undertake comprehensive and expert research, in Canada and internationally, to generate data and analysis to support informed and innovative reform of regulatory content including issues related to investor protection, access to capital, enforcement, governance and regulatory burden. Its mandate did not include issues of regulatory structure.

“Canada Steps Up provides those charged with ensuring the integrity and competitiveness of Canada’s capital markets with an unprecedented body of original and leading edge research, data and analysis by Canadian and international experts”, said Joe Oliver, IDA president and CEO, in a news release.

“Our objective in sponsoring the Task Force was to promote informed debate and dialogue. We urge all participants in Canada’s capital markets to participate in constructive discussions about the Task Force recommendations and findings. We also hope that stakeholders in other countries will find the Report valuable,” Oliver added.

The chairman of the task force was Thomas Allen, Ogilvy Renault LLP.

The Investment Industry Association of Canada (IIAC) welcomes the recommendations of the Final Report of the Task Force to Modernize Securities Legislation.

The IIAC said the many of the report’s recommendations would make a significant contribution to improving the competitiveness, efficiency and integrity of the Canadian capital markets.

“Canadian markets need to be at the forefront of innovation and change to compete effectively for capital in integrated global markets,” said Ian Russell, President and CEO of the IIAC. “The recommendations of the Task Force will contribute to that process.”

The IIAC agreed with the Task Force that fundamental principles must underpin securities regulation. We also applaud the recommendations that argue for rigorous cost-benefit analysis as a necessary condition of the rule-making process.

The IIAC urged the Canadian Securities Administrators (CSA) to give serious consideration to the recommendations and analysis in the Task Force report.

In a statement, Jean St. Gelais, CSA chairman, said, “We welcome the Report of the Task Force and view it as a constructive document that will add to the debate on securities regulation in Canada. We will review the report carefully and consider its contents in light of this debate.”

Canada Steps Up is available by request in hard copy or electronically at www.ida.ca.