Thank you, Mr. Chair.
My name is Serge Dupont. I am assistant deputy minister in the financial sector policy branch. I would just like to speak to you about the Expert Panel on Securities, the other group mentioned in the supplementary estimates.
In Budget 2007, the government laid out its long-term plan for improving Canada's capital markets, with a document, that I think you have received, entitled "Creating a Canadian Advantage in Global Capital Markets". A cornerstone of this plan involves establishing a common securities regulator and advancing an approach to regulation that is more principles-based, with strong enforcement.
The government has made it clear that it favours a common securities regulator, not a federal one, and that it intends to be respectful of the jurisdiction of the provinces and territories. Indeed, the government has stated that it intends to build on provincial efforts to harmonize and simplify the regulatory regime.
As promoted in the 2007 Capital Markets Plan, a common securities regulator would encompass a governance structure that is representative and responsive to regional perspectives, strengths and needs. It would have one set of principles, supplemented by one set of rules and it would levy one set of fees. Its benefits would include clearer accountability and more responsive decision-making in a rapidly evolving capital market, strengthened capacity for enforcement, and a stronger voice internationally.
Ultimately, the government's objectives are to give enterprises of all sizes better access to capital at more competitive costs, to provide investors with increased investment choices and better protections, and to create more jobs.
In pursuit of this effort, in June 2007 the Minister of Finance convened a meeting with his provincial and territorial counterparts responsible for securities regulation. Following the meeting the minister committed to form a third-party expert panel to advise ministers on the best way forward.
The government appointed the panel of experts in February of this year. It is chaired by the Honourable Tom Hockin, a former Minister of State for Finance and a former president of the Investment Funds Institute of Canada. Other panel members are Ian Bruce, CEO of Peters and Company in Alberta; Denis Desautels, the former Auditor General; Hal Kvisle, president and CEO of TransCanada Corporation; Dawn Russell, associate professor and former dean of law at Dalhousie University, also a member of the Crawford Panel; Terry Salman, who is chairman, president, and CEO of Salman Partners in B.C.; and Heather Zordel, a partner at Cassels Brock and Blackwell.
The secretariat for this panel is staffed and paid by the Department of Finance. Many of the comments that Mr. Ernewein mentioned with regard to administrative arrangements hold for this panel as well. Panel members, for example, are committing their time and expertise on a pro bono basis. The department reimburses their travel and accommodation expenses.
The panel is examining in practical ways how to enhance the effectiveness, the content, and the structure of capital markets regulation. It is building on the work accomplished by prior private sector groups, notably the Crawford Panel. It will provide a concrete proposal, a transition path, and a common model act based on advice from recognized experts. It will report to the Minister of Finance and to provincial and territorial ministers responsible for securities regulation by the end of the year.
The panel recently issued a consultation paper for comment and began a consultation process seeking views from experts across the country. In parallel, the minister is pursuing his own discussions with capital market participants and with his counterparts on an ongoing basis.
I look forward to your questions. Merci.