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Securities Law

NIN 94/07 - Task Force on Operational Efficiencies in the Administration of Securities Regulation - Request for Comments [NIN - Rescinded]

Published Date: 1994-06-10
Effective Date: 1994-06-07
The Canadian Securities Administrators ("CSA"), the organization of the provincial and territorial securities regulators, agreed to encourage the formation of a task force to be drawn from the securities industry and related professional communities, with a view to cataloguing and prioritizing opportunities to maximize operational efficiencies in the administration of securities regulation.

The task force has been established and consists of the following individuals:

Charles Caty - President & CEO, Investment Dealers Association of Canada, Toronto
Jean-Pierre Desrosiers, FCA - Partner, KPMG Poissant Thibault - Peat Marwick Thorne, Montreal
Leon Getz, Q.C. - Partner, Getz Karby, Barristers & Solicitors, Vancouver
William L. Hess, Q.C. - Chairman, Alberta Securities Commission, Calgary
John L. Howard, Q.C. - Senior Vice President, Law and Corporate Affairs, MacMillan Bloedel Limited, Vancouver
Cally Jordan - Professor, Faculty of Law, McGill University, Montreal
Gérald A Lacoste, Q.C. - President & CEO, Montreal Exchange, Montreal
Philip J. Olsson - Vice President and Director, Head, Global Investment Banking, RBC Dominion
Securities Inc., Toronto
Richard Shaw, Q.C., - Partner, McCarthy Tétrault, Calgary

In addition, the legal firm McCarthy Tétrault has agreed to contribute resources to the task force from its offices in Montreal, Toronto, Calgary and Vancouver.


Securities regulation in Canada is a matter of provincial jurisdiction. As a result, provincial and territorial securities regulators are constantly focusing on streamlining the administration of regulation to address inefficiencies while at the same time fulfilling their legislated mandate. An example of an effective initiative that has been in place for some time is National Policy No. 1 which facilitates multi-jurisdiction prospectus issuances. An example of a current CSA initiative in its final stages of development is SEDAR, an electronic filing system.

The CSA has requested that the task force assist in providing further input to its agenda to help ensure that the administrators are focusing on the operational inefficiencies that industry feels are the most important to address. The task force will not be addressing concerns about substantive law requirements which are not within the purview of the securities administrators.

The senior securities regulator in each jurisdiction has committed to addressing the items presented by the task force. It is expected that the range of items to be considered will include prospectus clearance procedures, various filing requirements, co-ordinated handling of applications, a national registration system and procedures for the adoption of national policy statements.


Through this request for comments, and through selected direct solicitations, the task force is requesting comments and suggestions from all participants in Canadian capital markets. As specific areas of concern are raised, the task force may enlist the support of others to form specific topic working groups. In any event, it is expected that there will be a degree of dialogue with many commentators to co-ordinate concerns and assist in promoting a consensus on the issues to be presented to the CSA members.


All submissions should be sent to:

William L. Hess, Q.C., Chair
c/o McCarthy Tétrault
#3300, 421 - 7 Avenue, S.W.
Calgary, Alberta
T2P 4K9

The deadline for submissions is September 30, 1994.

If you require further information please telephone William Hess at (403) 297-4277, or fax to (403) 297-4486.

DATED at Vancouver, British Columbia on June 7, 1994.

Douglas M. Hyndman