The Canadian Securities Administrators says it received about 90 comment letters from market participants, industry associations and law firms about its proposal for uniform securities laws in Canada.

The central criticism of the plan has to do with the lack of a mechanism to maintain uniformity. In response, the CSA says it plans to enter into protocols to ensure that regulators co-ordinate changes to securities law. The CSA also intends to propose to governments that they consider adopting an inter-governmental protocol to co-ordinate securities legislation.

“These comments will be very useful in assisting the CSA in drafting uniform securities legislation for consideration by each of the provincial and territorial governments of Canada,” said Steve Sibold, chair of the CSA and the Alberta Securities Commission, and chair of the steering committee that is heading up the USL project. “We are on target to publish a consultation draft of the Uniform Securities Act in fall 2003. Uniform securities legislation will complement the Ministers’ initiative to implement a passport system.”

The CSA says that most industry participants applauded efforts to implement: uniform securities legislation for registration, prospectuses and exemptions; passport or one-stop shopping for issuers and registrants; and delegation of decision making powers from one securities regulatory authority to another.

A detailed summary of all comments received and the CSA responses as well as the full text of the comment letters can be viewed on the Alberta Securities Commission web site at: http://www.albertasecurities.com/policies/comment.html.