The Canadian Securities Administrators today released a concept proposal for uniform securities laws in Canada. The proposal envisions a “platform” Uniform Act that would set out fundamental rights, powers and obligations, and Uniform Rules that would set out detailed requirements.

“We’re harmonizing the Canadian system of securities regulation within a flexible framework that is able to adapt quickly to evolving market requirements,” said Stephen Sibold, chair of the Alberta Securities Commission and Chair of the USL Steering Committee.

The proposed framework also incorporates simplified and streamlined regulation in those areas that could be accommodated within the project timeframe.

The proposal would streamline inter-jurisdictional registration of firms and individuals, and allow securities regulators to delegate decision-making across all regulatory functions to another securities regulator.

The Ontario government is applauding this effort
by the CSA.

“Right now in Canada, there are 13 sets of rules and regulations, administered by 13 different regulators. It’s a red-tape nightmare for Canadian companies,” Ontario Finance Minister Janet Ecker said. “We must work to pursue streamlined regulations and more uniform laws to provide more protection from fraud, which will encourage more investment.”

The CSA Blueprint for a Uniform Securities Act for Canada is available at commission Web sites.

Comments on the proposal are requested by April 30, 2003.