News Release

Vancouver – Doug Hyndman, chair of the B.C. Securities Commission, will appear by video-conference before the Standing Senate Committee on Banking, Trade and Commerce hearings to examine and report upon the present state of the domestic and international financial system.

Mr. Hyndman will address what Canadian securities regulators are doing to respond to public concerns about the recent corporate, accounting, and market abuses in the United States. He will express his views about what is required to ensure that Canadians have a system of securities regulation that protects investors from fraud, misrepresentation, and abusive business conduct without imposing an excessive burden on legitimate and responsible businesses.

Mr. Hyndman will describe the long-term challenges for securities regulators and inject a note of caution about wholesale adoption of U.S.-style rules that would impose significant burdens and deliver few, if any, benefits.

Mr. Hyndman will also describe the BCSC project to streamline and simplify the current securities regime to deliver better investor protection with lower compliance costs.

The B.C. Securities Commission is the independent provincial government agency responsible for regulating trading in securities and exchange contracts within the province. Copies of Mr. Hyndman’s presentation to the Senate committee can be viewed on the commission’s website www.bcsc.bc.ca on Thursday, Oct. 31, 2002 at 11:00 a.m. EST, concurrent with Mr. Hyndman’s appearance before the committee or by contacting Andrew Poon, Media Relations, 604-899-6880.