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Fox Guarding the Hen House


Province sets Oct. 18 date for report on Ontario regulatory system

Provincial committee struck to review recommendations of Crawford report

Monday, July 19, 2004


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 system.

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