The Globe and Mail reports in its Tuesday edition that the time is ripe for an independent review of the securities regulatory regime in Ontario. Guest columnist Anita Anand writes that specifically, the Securities Act states that the province's Minister of Finance must appoint an advisory committee to review the legislation, regulations and rules relating to matters under the purview of the Ontario Securities Commission no later than 48 months after the appointment of the previous committee. The committee must prepare a report of its findings and recommendations, which includes soliciting public comments, and must submit that report to the minister. The minister is then required to table the report in the legislature to the appropriate legislative committee, which will then review the report and publish its own response and recommendations. The one and only five-year review began in 2001 under the late Purdy Crawford. No external advisory committee has reviewed the Securities Act after the global financial crisis of 2008. That does not mean that securities regulation has remained constant. On the contrary, the mandate of the OSC has grown. Prof. Anand says that another five-year review committee should be convened.
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