TORONTO, Nov. 14 /CNW/ - An overwhelming majority of members of the
Prospectors and Developers Association of Canada (PDAC) want a single national
securities regulator and uniform securities laws across Canada.
In addition, 75% of those surveyed expressed their desire for the
introduction of a separate set of securities laws for junior companies that
are less complex, costly and time-consuming than existing securities laws.
In a recent membership survey conducted on behalf of PDAC by Angus Reid
Strategies, 88% of those surveyed said they wanted a single national
securities regulator. The online survey was conducted among a representative
sample of 255 members from September 21, 2007 to October 10, 2007. The results
are accurate within a margin of error of +/- 6.0%, 19 times out of 20.
Almost half of respondents expressed dissatisfaction with the provincial
securities commissions. The survey found moderately positive ratings for the
current Passport System. However, when asked to choose between a continuation
of the Passport System with Ontario as a participant and a single national
securities regulator, 62% preferred a single national regulator and
10% preferred an Ontario-inclusive Passport System - 28% were unsure.
Respondents believe that the advantages of a single regulator will
include reduced cost, reduced compliance times and increased international
Patricia Dillon, President of the PDAC, said, "The PDAC has been a long
time supporter of the establishment of a single regulator with meaningful
regional representation. We have also supported the introduction and reform of
securities laws in order to facilitate raising capital and minimize the costs
of regulatory compliance. The results of this survey clearly demonstrate that
PDAC members consider securities reform to be a priority issue."
Highlights from the survey include:
- securities laws should be uniform and applied consistently across
Canada, without opting out provisions;
- securities laws applicable to junior companies must be simpler and
compliance with these laws must be less costly and consume less
- there should be increased emphasis on the enforcement of securities
- 88% of PDAC members support the establishment of a single securities
- PDAC members overwhelmingly prefer a single securities regulator
compared to the Passport System;
- There is strong support for some specific features of a single
- the consistent application of securities laws in all provinces and
- an ombudsman to receive complaints from issuers and investors; and
- regional offices across Canada with decision-making authority and
the power to provide discretionary relief.
A copy of the survey results and the online survey questionnaire are
available at www.pdac.ca.
The PDAC is a national organization whose membership consists of
approximately 7,000 individuals and corporations who are engaged in mineral
exploration and mining activities throughout the world.
Mining companies represent approximately 34% of all issuers listed on the
Toronto Stock Exchange (TSX) and the TSX Venture Exchange (TSX-V). As of
December 31, 2006, mining companies accounted for 64% of the market
capitalization of all TSX-V listed issuers. In 2006, 38% of the equity capital
raised worldwide for mining companies was for TSX and TSX-V issuers.
For further information:
For further information: Tony Andrews, Executive Director,
firstname.lastname@example.org, Tel. (416) 362-1969 (ext. 222)