(March 12 – 17:55 ET) – In his speech to the Canadian Club today, Ontario Securities Commission Chairman David Brown highlighted the level of upheaval in the securities industry.

Brown noted that eight important discussion papers are scheduled for release in the coming weeks and months — transforming the face of Canadian securities regulation.

The reports due out include:

  1. A discussion paper outlining what Canadian public companies, exchanges and regulators need to do to keep up with international standards in financial reporting, issued by a joint committee sponsored by the Toronto Stock Exchange, the Canadian Venture Exchange and The Canadian Institute of Chartered Accountants.
  2. A concept paper on whether to revise current financial reporting rules, to be released next week by the Canadian Securities Administrators. Brown says the most important issue to be addresses is whether Canadian companies should be permitted to use U.S. accounting standards without also having to report according to Canadian GAAP rules.
  3. A paper on managing potential conflicts of interest, including possible prohibitions on investment activity by analysts, to be released by the TSE Committee on Analyst Standards.
  4. A draft of policy guidelines for dealing with selective disclosure, due out later this spring from the CSA.
  5. A paper discussing proposals to ensure that defined contribution pension plans provide adequate investor protection and disclosure, to be released next month from the Joint Forum of Financial Regulators in Canada.
  6. A proposal to update uniform oil and gas disclosure and reporting requirements, to be published by the Alberta Securities Commission on behalf of the CSA.
  7. A concept paper exploring the need for mutual fund governance, independent of mutual fund managers, to be released later this year by the CSA.
  8. A comprehensive set of recommendations for comment from the advisory committee putting Ontario’s securities laws through a mandatory five-year review, to be released in the next few weeks.

“Canada is very much a part of this global whirlwind. Not only must we keep up with it – we can be in the forefront of managing it,” Brown concluded.