Terms of reference The panel will recommend a practical plan to help interested jurisdictions to establish a common securities regulator. The panel will recommend: - A model for a common securities regulatory framework that includes as its core elements:
- A common securities regulator
- Common securities laws
- A single fee structure
- Timelines for implementation.
Responsibilities In discharging its mandate, the panel will focus initially on the model for a common securities regulatory framework. In developing that model, the panel will consult and consider relevant work that has been done already, including: - The June 24, 2004 Ontario discussion paper, Modernizing Securities Regulation in Canada
- October 18, 2004 Ontario Standing Committee on Finance and Economic Affairs’ Report on the Five Year Review of the Securities Act
- Relevant work underway or completed by Canada’s securities regulators and other sources on specific matters covered by the proposal
- The December 17, 2003 final report of the federal Wise Persons Committee
- Other information that the panel considers appropriate.
Once the initial model has been developed, the panel will focus on ensuring that it has identified and addressed the practical implications of moving to a common securities regulatory framework. To improve upon the model it has developed, as it considers appropriate, the panel will: - Canvass the views of interested governments and consult their securities regulatory authorities
- Solicit feedback from investors, public companies, capital markets participants, the public and other interested parties.
- Design principles for a common securities regulatory framework
Common Securities Regulator: - Common management and direction
- Clear and accountable governance
- A strong local regulatory presence in each participating jurisdiction, that draws on the resources and specialized expertise of existing regulators.
Common Securities Laws: - A common set of securities laws, including:
- One set of laws for raising capital
- Clear compliance standards
- Strong, consistent protections for investors.
- Scope for local rules to meet local needs.
- A single fee structure with fees set on a cost-recovery basis.
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