By James Langton
The legislative committee charged with
contemplating major changes to Ontario’s securities regulatory system has
been struck, and is slated to report by Oct. 18.
The standing committee on finance and
economic affairs will review the recommendations set out in the final
report of the Five-Year Review Committee, chaired by Purdy Crawford. It
will also consider the appropriate structure for the adjudicative tribunal
role of the Ontario Securities Commission and will look at securities
regulation in Canada generally, and the possibility of a single-regulator
The Crawford committee made numerous
recommendations, including that the current structure of the OSC (as
investigator, prosecutor and adjudicator) be given some thought. However,
it didn’t recommend splitting up the OSC.
At the Crawford committee’s request, the
OSC did strike an external committee to study the structure issue. That
group has reported to the OSC, but the report has yet to be released.
The Crawford committee also made
recommendations concerning the Investment Dealers Association of Canada,
including whether improvements can be made to the composition of its
disciplinary panels and the membership of its board of directors, to
lessen perceptions of conflict of interest.
The legislative committee is to be headed
by two Liberal MLAs, Pat Hoy, chairman; and John Wilkinson, vice chairman.
Other members of the committee are: Toby Barrett, Mike Colle, Judy
Marsales, Phil McNeely, Carol Mitchell, John O'Toole and Michael Prue.
It has yet to schedule hearing dates