The Investment Funds Institute of Canada reports that it is pleased with the appointment of Harold MacKay to review the securities regulatory system.

“We are in favour of Mr. MacKay’s appointment to lead this challenging task, and are supportive of the Federal government’s initiative in this matter,” states Tom Hockin, IFIC’s president and CEO in a statement released this morning. “We will look to Mr. MacKay’s report in the near future as a platform from which we can work towards successful change,” he adds.

Yesterday, the Investment Dealers Association welcomed the appointment too. “We are encouraged that the federal government has taken this initiative in raising the issue of securities regulation in Canada,” said IDA president and CEO Joe Oliver. “The IDA has spoken out on the need to develop an efficient securities regulatory system which inspires investor confidence and supports economic growth. We look forward to working with the federal and provincial governments and securities commissions on this important initiative.”

Hockin recently issued a statement in support of establishing a common interpretation for securities regulation. He suggested that an ideal system would build on the current expertise developed by existing regulators. “Through the appointment of such a well respected statesman as Mr. MacKay, the Federal government has demonstrated commitment to the problem of securities regulation. Mr. MacKay’s knowledge of the Canadian marketplace, evidenced by the 1998 Report of the Task Force on the Future of the Canadian Financial Services Sector, will enable him to deliver a report that ultimately ensures continuing investor confidence and growth of the Canadian market.”