For many years, scotiabank has provided input into the canadian discourse on securities regulation and also participated in the development of the industrys position through the canadian bankers association cba. In 2002, the sec supervised over 8,000 registered brokerdealers with approximately 92,200 branch offices and 675,500 registered representatives. Regulation of financial planning or financial advice. Archived terms of reference of thirdparty expert panel. It benefits from the work of the expert panel on securities regulation and other reform efforts, and reflects domestic and international best practices.
On the other hand, i find that it would not be helpful to the hearing panel for market regulation to present mr. We have placed our emphasis on what we see as the panels central task. The final report of the federal expert panel on securities regulation released january. Financial advisory and financial planning policy alternatives. In 2009, the federal government responded to recommendations from a body known as the expert panel on securities regulation by preparing draft federal legislation, the proposed canadian securities act, order in council p. Final report of the expert panel on sustainable finance mobilizing finance for sustainable growth. In its 2009 report, the panel recommended the creation of a federal securities regulator and submitted a draft federal securities act,18 which would go on to pave the way for the proposed canadian securities act the proposed act. The bank of canada must come to play a recognized, central leadership role in shaping policy if canada is to better manage risks to financial sector stability.
In addition to the securities exchange act of 1934 that created the commission, the sec enforces the securities act of 1933. This paper was first prepared to assist the expert panel on securities regulation in canada in making recommendations to the canadian minister of finance and the provincial and territorial ministers concerning reform of canadas securities regulatory system. The legal intelligencer books are your onestop shop for expert. Sound and effective regulation of securities markets is important for the growth, integrity. Brief submitted to the expert panel on securities regulation pdf. Eiopa calls for candidates to join expert panel on pan. The capital markets perspective on a national securities.
It is the goal of this report to help regulators, in particular securities regulators, identify the scams from the true innovations. Submission to expert panel on securities regulation jul 15 08. Scotiabanks submission to the tom hockin expert panel on. Securities regulation panel report of the executive director 28 february 2011 introduction the panel is a statutory regulatory body, established in terms of section 440b of the companies act no. Its functions is to regulate affected transactions as defined in terms of chapter xva of the act on takeovers and mergers. The stockbrokerage and investment banking expert panel serves to protect the public interest and serves the needs of aicpa members on financial reporting and audit services for stockbrokerage and investment banking institutions by bringing together knowledgeable parties in this specialized area. Fixing canadas third world securities crime enforcement. Canada, expert panel on securities regulation, creating an advantage in capital. Structural reform of financial regulation by eric j. Reference re securities act, 2011 scc 66 canlii, 2011 3. Cesr is an independent committee of european securities regulators. The panel is chaired by the honourable tom hockin, former minister of. Cesr halfyearly report 2009 european securities and.
Pdf principlesbased securities regulation in the wake. Eiopa calls for candidates to join expert panel on paneuropean personal pension product regulation. Consultation paper issued by the expert panel on securities regulation the panel. This would seem an anomalous result of regulation such as the securities laws whose ultimate aim is disclosure to investors. Regulation of securities markets the division of market regulation oversees the operations of the nations securities markets and market participants. Introduction this interim report for 2009 complements cesrs annual report for 2008, published in july 2009 by providing a halfyearly update on the activities of the committee of european securities regulators. Hockin, financial executives international canada fei canada is pleased to submit the following recommendations regarding the improvement of securities regulation in canada to the expert panel on securities regu lation expert panel. Securities commission, final paper, june 2006, expert panel on securities regulation, creating an advantage in global capital markets final report and recommendations, january 2009. On the federal governments support for a national securities regulator, see the budget that followed the release of the report in. On the federal governments support for a national securities regulator, see the budget that followed the release of the report in march 2009, online. Securities regulation 2009 progress report provincialterritorial.
He spent six months at the ecb working on a joint project with cesr in securities clearing and. In 2008, the federal minister of finance jim flaherty formed an expert panel on securities regulation. Committee, september 1998 and iosco public document no. National and coordinated approaches to securities regulation. The securities and exchange commission sec has the mission to protect investors, maintain fair, orderly, and efficient markets, and facilitate capital formation. Subject matter of proposed expert market regulation moves for leave to admit the expert testimony of mr. Expert panel s report in early 2009, the expert panel on securities regulation released.
Expert panel on securities regulation investment executive. He has been a member of expert groups in the field of securities regulation at the eu council, commission, oecd, and rapporteur of the fesco expert group on investor protection and then the cesr mifid expert group. The panel governs fundamental transactions undertaken by regulated companies being public companies, stateowned companies and certain private companies and will prescribe additional rules. Fundamental transactions and their regulation by the. Introduction recent regulatory action reveals that an expert network enabled the largest insider trading scheme ever charged by the securities and exchange commission sec. Technically, an slf can also be used by pds to intentionally create short positions. Proposals for regulation investment industry regulatory. Submission of the british columbia securities commission. Senior investment professionals employed by piacs member funds are responsible for the. Economic issues associated with the establishment of a single securities commission secor pdf 411 kb this link will open in a new window updated on 10 may 2010. Iiroc submission to the expert panel on securities regulation, august 2008. Expert panel stockbrokerage and investment banking.
The takeover regulation panel the act establishes the takeover regulation panel panel as a replacement for the old securities regulation panel. Canada has a strong, diversified and resourcerich economy. The expert panel on securities regulation has appointed a legal advisory committee to support its effort to improve securities regulation in canada. Chair, expert panel on securities regulation ottawa, canada k1a 0g5 dear mr. Jurisprudential choice, federal securities legislation and the trade and commerce power ian b. July 2008 brief submitted to the expert panel on securities regulation pdf 349 kb this link will open in a new window updated on 24 july 2008. The proposed act was built on provincial securities regulation and harmonizes existing legislation in the form of a single statute. Review of the mandates of the financial services commission.
Expert panel on securities regulation submission of the british. July 2008 brief submitted to the expert panel on securities regulation pdf 349 kb this link will open in a. The panel s proposals will be respectful of the jurisdictional framework for securities regulation in canada and will allow willing participation of provinces and territories. As such, in cesrs capacity as an advisory group, 2009 saw the.
The mandates of the ontario securities commission osc and the financial services commission of ontario fsco proposed financial service regulatory authority fsra be statutorily broadened explicitly to empower these regulators to regulate financial planning or financial advice. Fortgangs expert testimony on araizs alleged supervisory deficiencies. Joint letter to obsi from the csa, iiroc and mfda october 28, 2011. The sixperson committee, which is drawn from across the country and represents a number of areas of legal expertise, has been created to provide legal advice in connection with the preparation of a model. Archived terms of reference of thirdparty expert panel on. The investment companies expert panel serves to protect the public interest and serves the needs of aicpa members on financial reporting and audit services for investment companies by bringing together knowledgeable parties in this specialized area. Canadas expert panel on securities regulation final. Expert panels report in early 2009, the expert panel on securities regulation released. Report of the expert panel on securities regulation,2 the federal. Pdf principlesbased securities regulation in the wake of.
Expert panel on securities regulation in canada for comments regarding the future structure of the regulatory regime in canada. Iosco objectives and principles of securities regulation iosco is. Fei canada submission to expert panel on securities. The capital markets perspective on a national securities regulator. Submission on june 12, 2008 and presentation on may 28, 2008. Three years after the crawford panel presented its blueprint, the expert panel on securities regulation the hockin panel released a report that informed the securities act proposed by canada in this reference creating an advantage in global capital markets final report and recommendations 2009 the hockin report. With the iac having been disbanded, i brought forward a proposal to the expert panel on securities regulation in july 2008 recommending the establishment of a consumerretail investor panel based on the model of the uks financial services consumer panel. This page contains additional information about the panel. The expert panels recommendation for the establishment of a new financial services regulatory authority fsra with flexibility and comprehensive authority with respect to market conduct is integral to our own recommendations.
The panels proposals will be respectful of the jurisdictional framework for securities regulation in canada and will allow willing participation of provinces and territories. Expert panel in expert panel on securities regulation ottawa. Framework for securities regulation of cryptocurrencies. She has advised on several significant law reform studies and initiatives, including the international commission of jurists expert panel on corporate. Securities lending is a transaction whereby a market participant borrows a security for a certain. Principlesbased securities regulation in the wake of. Principles for the enforcement of securities regulation. Research study prepared for the expert panel on securities. Piac has been the national voice for canadian pension funds since 1977. The european insurance and occupational pensions authority eiopa today issued a call for candidates to join an expert panel on the paneuropean personal pension product pepp regulation. Submission to the expert panel on securities regulation by diane urquhart. This paper seeks to reexamine, and ultimately to restate the case for, principlesbased securities regulation in light of the global financial crisis and related developments.