Provincial ministers declare that they remain committed to the passport system.

The Council of Ministers of Securities Regulation met in Toronto over the past few days to review progress on the passport system and the initiative to harmonize and streamline securities laws across Canada. Following those meetings, they reiterated their support for the passport system as the means to reduce barriers between jurisdictions and enhance the efficiency of the country’s capital markets.

“We are extremely pleased with the work that’s been done to date,” said Shirley McClellan, deputy premier and Minister of Finance for Alberta, and chair of the Council. “A number of provinces have already adopted the legislation required to enhance the passport and further harmonize and streamline our laws, and the remainder intend to do the same this fall.”

Ministers met with the Crawford Panel on a single Canadian securities regulator on its final paper recommending a single national commission. “We need a chance to review the final report in detail,” said McClellan. “However, the Council is still determined to pursue the passport system as the best and fastest way to make Canada’s markets more efficient while still respecting the unique needs of each market.”

At the same time, the Council of Ministers extended an invitation to Ontario to fully participate in the passport system. “Early indications are that the passport is being taken advantage of and that use will increase with time,” said McClellan. “Obviously it would be even more successful with the participation of Ontario, Canada’s largest capital market, and we would welcome them with open arms.”

Ministers also encouraged the federal government to recognize the benefits of the passport system and respect the jurisdiction of provinces and territories. Western Canada’s premiers reiterated their support for the passport system during their conference in Manitoba, May 29 to 31.

“Just two weeks ago, seven premiers endorsed the passport and stated clearly they are not interested in federal involvement,” said McClellan. “The provinces and territories are making remarkable progress working together and Canada is seeing real improvements to its securities regulatory system.”

Ministers committed to an aggressive timetable for further harmonizing and streamlining of securities laws across Canada.

The Council, along with Ontario, also agreed Tuesday to work on solutions to give the Canadian Public Accountability Board the means to help oversee audit firms.

The Council of Ministers of Securities Regulation includes Ministers from Quebec, Nova Scotia, New Brunswick, Manitoba, British Columbia, Prince Edward Island, Saskatchewan, Alberta, Newfoundland and Labrador, the Northwest Territories, Yukon and Nunavut.