OTTAWA, May 26 /CNW Telbec/ - The Canadian Securities Transition Office (CSTO) has completed the initial phase of its mandate to lead the development of a Canadian securities regulator by submitting a draft Canadian Securities Act to the Minister of Finance. Following review by the Government of Canada, the Minister today released a proposed Act, marking the first major milestone in the CSTO's work to implement and transition to the Canadian Securities Regulatory Authority (CSRA).
The CSTO will release a technical commentary on the proposed Act in the coming weeks. In addition, it will deliver its Transition Plan to the Minister of Finance and the participating jurisdictions by July 12th, 2010. The Plan will provide a roadmap for establishing the CSRA, and will include information on governance, organizational design and other administrative aspects.
The CSTO is building on the efforts of various expert groups that have studied the creation of a Canadian securities regulator. It has also worked closely with the Advisory Committee of Participating Provinces and Territories, as well as its Legal Advisory Committee and Participating Regulators Committee. Its consultations with these advisors, as well as with investors, market participants and industry professionals, have informed the proposed Act. These consultations will continue in the coming months as the CSTO moves forward with its mandate on transition planning and with the development of regulations to accompany the proposed Act.
The CSTO has received ongoing support and advice on many aspects of this project from the federal Departments of Finance and Justice.
More information is available on the CSTO's website at www.csto-btcvm.ca.
SOURCE CANADIAN SECURITIES TRANSITION OFFICE
For further information: For further information: Eloise Lewis, Communications Advisor, Canadian Securities Transition Office, (647) 292-5271, firstname.lastname@example.org or Anna Zalewski, Research & Communications Advisor, Canadian Securities Transition Office, (416) 306-1079, email@example.com