Alberta’s Revenue Minister, and chair of the committee of provincial ministers looking to reform securities regulation, Greg Melchin, is currently travelling in France, Belgium and England to examine their regulatory structures and meet with fund managers contracted to manage some of Alberta’s $35 billion in investments.

As chair of the committee of provincial and territorial ministers examining securities regulation reform, Melchin will look at the passport model that is currently being implemented by the European Union.

“It is extremely valuable to see what others have done in this area and ways we can benefit from their experience,” said Melchin. “In Canada, securities regulation is provincial jurisdiction. A passport system would ensure regional concerns are respected and represented and allow more flexibility for businesses wanting to operate in more than one jurisdiction,” he added.

A discussion paper was released last week inviting stakeholders to provide feedback on a proposed passport approach.

While in Europe, Melchin will also have discussions with external fund managers accountable for some of Alberta’s investments, including portions of the Alberta Heritage Savings Trust Fund, pension plans, and other savings.

“This mission will allow for discussions in the area of securities regulation for businesses and investors, and also provide opportunities for expanding the relationship between Alberta and Europe,” said Melchin. “It is also important to meet regularly with our external fund managers to ensure our investments are being managed effectively.”

http://www.revenue.gov.ab.ca/whatsnew/newsrel/2003/0613.html