The Council of Ministers of Securities Regulation re-affirmed its commitment to enhancing the passport system and further harmonizing and streamlining securities laws across Canada.

The provincial ministers responsible for securities regulation met in Victoria over the past couple of days to review progress on the passport system and securities reform initiative.

They also heard from Purdy Crawford, who chairs a panel developing a model for a common securities regulator on behalf of Ontario, and Dawn Russell, a panel member. “Mr. Crawford certainly offered us some food for thought,” said Shirley McClellan, deputy premier and minister of finance for Alberta, and chair of the council. She noted that that the panel has not yet produced its final report, and added that the meeting allowed the ministers to provide insights into their concerns.

The Council of Ministers says it remains committed to working together to make meaningful changes to Canada’s securities regulatory system for the benefit of the country’s capital markets and investors and welcomes Ontario’s continuing participation. “We’ve introduced real changes to make Canada’s capital markets more competitive with the United States and in the global marketplace,” it said.

The Council invited Jean Saint-Gelais, chair of the Canadian Securities Administrators and Doug Hyndman, chair of the CSA Passport Steering Committee, to present a report. In their report they noted that Canada’s securities regulation is highly regarded at the international level.

The ministers also approved a work plan last fall that focuses on ensuring the highest level of consumer protection, improving the competitiveness of Canada’s capital markets, and further harmonizing and streamlining securities laws.