Thank you, Mr. Chairman. The Standing Committee on Social Programs conducted its public review of Bill 12, Securities Transfer Act, on May 25, 2009. Bill 12 concerned commercial transfer law. The proposed Securities Transfer Act deals with modern security market practices, in particular the holding and trading of securities electronically through multiple tiers of intermediaries.

The bill follows the uniform Securities Transfer Act created by the Uniform Law Conference of Canada in 2004. It is anticipated that all Canadians, territories and provinces will adapt this modern law resulting in greater certainty as to the validity of many transactions that are already common practice for publicly traded securities.

Following the committee’s review, a motion was carried to report Bill 12, Securities Transfer Act, to the Assembly as ready for Committee of the Whole.

This concludes the committee’s opening comments on Bill 12. Individual Members may have additional questions or comments as we proceed. Thank you, Mr. Chairman.