Thank you, Madam Chair. I am here today to present Bill 14, An Act to Amend the Securities Act. I would like to thank the Standing Committee on Social Development for their thorough review of this bill.

The purpose of securities legislation is to facilitate the raising of capital in the private sector while providing appropriate protections and remedies for investors. As cross-border trading has evolved over time, the regulation of securities in Canada has become a coordinated activity among all provinces and territories and, increasingly, worldwide. When the Northwest Territories enacted securities legislation in 2008, it was in line with the coordinated system of regulation across Canada. Since that time, however, the provinces and territories have agreed that regulatory improvements are required due to proposed changes to European Union regulations, which come into force on January 1, 2022.

This bill addresses those issues so Canadian benchmark administrators, who provide information necessary for the functioning of global capital markets, can be formally designated in Canada and, thus, continue to operate in the European Union. The proposed amendments ensure securities legislation remains harmonized across jurisdictions, directs compliance to the rules established, and protects members of the public who are investors by ensuring the integrity of the system.

This concludes my opening remarks, and I would be pleased to answer any questions that Members may have regarding Bill 14.