Justice and Consumer Affairs Minister responds to report from expert panel on securities regulation
Anonymous - Communications New Brunswick
January 13, 2009
FREDERICTON (CNB) - The following statement was released today by Justice and Consumer Affairs Minister T.J. Burke:
On Jan. 12, the final report from the expert panel on securities regulation was submitted to the federal minister of finance. The overarching recommendation in the report calls for the establishment of a single securities regulator administering a single securities act for the entire country.
While our province is not and has not been fundamentally opposed to considering participation in a voluntary national regulatory regime, it is important that such a regime build upon the strengths of our present system.
Since 2004, New Brunswick has operated a securities commission in Saint John, with a dual role: to provide consumer and investor protection, and to foster capital market formation in our unique marketplace.
New Brunswick is also a signatory to the passport system, which harmonizes the regulation of securities and includes the participation of 12 provinces and territories. The passport system has demonstrated an unprecedented level of co-operation, co-ordination and consensus among governments to streamline securities regulation in Canada. This work continues to provide a simpler, faster and less costly regulatory regime, as well as enhanced investor protection.
I question the need for a federal model that would duplicate services already provided by the provinces. I also have serious concerns about a model that does not take into account the dynamic and unique nature of New Brunswick and its marketplace, and which would not consider a regional office in Atlantic Canada.
Should any national model be implemented, I propose that New Brunswick is the ideal location to serve as a regional office for Atlantic Canada. With our modern legislation, a full commission structure and bilingual staff, our province is an excellent and logical choice for this role.
We have a strong, successful securities commission in New Brunswick, and I am committed to ensuring that it continues to build upon its strengths.