Thank you, Madam Chair. I’m here today to speak about Bill 8, An Act to Amend the Securities Act.

The purpose of securities legislation is to facilitate the raising of capital while providing appropriate protections and remedies for investors. As cross-border trading in securities becomes more common, securities legislation that is not harmonized with other jurisdictions leads to inefficiencies in the raising of capital, and inconsistent and unequal protection for investors.

In 2004 an interprovincial memorandum of understanding was developed and included the establishment of the Council of Ministers responsible for Securities Regulation. Key objectives were developed by the council; in particular the harmonization of legislation to improve enforcement, investor protection and inter-jurisdictional cooperation. In 2008 the new Securities Act, consistent with legislation in other jurisdictions, came into force in the Northwest Territories.

This bill deals with three areas in which further regulatory and legislative improvements have been agreed to by all provinces and territories. Amendments in these areas have been or are being enacted in the other jurisdictions. They include:

1. filling the gap in regulatory tools and protections

for bodies overseeing the performance of auditors of publicly traded companies;

2. adding a framework for the regulation of credit

rating organizations; and

3. providing the same investor rights for plain

language, short form summary documents as are given to the longer – and often unread – full prospectus documents.

I am prepared to answer questions that committee members may have regarding Bill 8. Thank you.