The Canadian Securities Administrators say they have made a strong commitment to eliminating the differences in provincial and territorial securities law by embarking on a project to develop uniform securities legislation. This initiative, which the CSA call the USL Project, is part of a broader proposed strategy of regulatory reform that aims to reduce the burden of regulation on market participants and make regulation more effective.

The CSA say that they recognize that much of the regulatory burden is due to each of Canada’s provinces and territories having different securities legislation. The objective of the project is to eliminate these differences by developing a uniform act and rules within two years for adoption across Canada.

The members of the Steering Committee overseeing the project are: Stephen Sibold, chair of the Steering Committee and chair of the Alberta Securities Commission; Doug Hyndman, chair of the B.C. Securities Commission; Don Murray, chair of the Manitoba Securities Commissio; Paul Moore, vice chair of the Ontario Securities Commission; Claire Richer, commissioner at the Quebec Securities Commission; and, Les O’Brien, vice chair of the Nova Scotia Securities Commission

“The USL Project is an exciting opportunity to make a momentous improvement to Canada’s regulatory system,” says Sibold. “Uniform securities legislation will encourage participation in Canada’s markets.”