TABLE OF CONTENTS

Executive Summary 21

1. Why Change? Why Now?. 7

2. Canada’s Current Regulatory Structure and Its Strengths. 10

3. Weaknesses of the Current Structure 13

4. Requirements of an Effective Regulatory Structure 21

5. The Passport System 21

6. A Securities Commission for Canada 21

7. It’s Time. 23

A. WPC Background, Terms of Reference and Composition. 25

B. WPC Process. 25

C. List of Submitters and Consultation Participants. 25