The Canadian Securities Administrators is extending the comment period for its proposed passport rule.

Earlier this year, the CSA, other than the Ontario Securities Commission, published for comment proposals for implementing the next phase of the passport system for securities regulation. Submissions were due May 28. However, the CSA said, in response to requests for more time, they have decided to extend the comment period until June 8.

“This will give market participants further time to provide written submissions on the proposed passport system without jeopardizing our target for implementation. We plan to finalize the proposed rule by December 2007 and implement it in stages starting in early 2008 as proposed new national instruments on prospectus requirements and registration requirements are finalized,” it says.

“The proposals, which include a proposed rule and policy and some administrative changes, would further simplify the securities regulatory system for issuers and registrants who have their securities traded or deal with clients in more than one Canadian jurisdiction,” the CSA adds.