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November 25, 2003
WISE PERSON'S COMMITTEE PUBLISHES INDEPENDENT RESEARCH PAPERS ON REGULATORY REFORM EFFORTS IN THE US, EU AND AUSTRALIA
Committee Expects to Deliver Report in Mid-December
Vancouver, British Columbia, November 25, 2003 - The WPC Committee to Review the Structure of Securities Regulation in Canada today posted to its website copies of three research studies prepared by independent experts in the United States, the European Union and Australia. The studies were commissioned by the Committee to provide a rigorous comparative analysis of regulatory structures and reform efforts in each of these jurisdictions.
Other research initiatives conducted for the Committee are being finalized and will be published with the Committee's final report. The Committee said today it expects to deliver its report to the Minister of Finance in mid-December.
"Over the past nine months the Committee has heard repeatedly that the world has changed and Canada must respond," said Committee Chairman Michael Phelps. "Each of these studies has provided an important perspective to the Committee's deliberations. We are pleased to contribute this research to the ongoing debate regarding the best regulatory structure for Canada's future."
The following studies, as well as submissions received from nearly 100 market participants, are available at www.wise-averties.ca:
- "The United States Federal-State Model of Securities Regulation" by Professor Joel Seligman, Dean, Washington University School of Law, St. Louis, and author of the definitive history, The Transformation of Wall Street: A History of the Securities and Exchange Commission and Modern Corporate Finance.
- "Securities Market Regulation in the EU: The Relation Between the Community and Member States" by Karel Lannoo and Mattias Levin, Centre for European Policy Studies (CEPS), Brussels.
- "The Impact of Federalising Securities Regulation in Australia: A View from the Periphery" by Ralph Simmonds, Dean and Foundation Professor of Law, School of Law, Murdoch University, and Ray Da Silva Rosa, Associate Professor, Department of Accounting and Finance, The University of Western Australia.
The mandate of the WPC is to undertake an independent objective review of the current securities regulatory framework and identify an appropriate model for securities regulation in Canada. The committee members include: Michael Phelps, chair, Vancouver; Harold MacKay, vice-chair, Regina; Thomas Allen, Toronto; Pierre Brunet, Montreal; Wendy Dobson, Toronto; Edwin C. Harris, Halifax; and Michael Tims, Calgary.
For further information:
Elizabeth J. Harrison
WPC Secretariat Executive Director
Farris Vaughan Wills & Murphy
604-684-9151
wpc-cpa@farris.com
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