Bill 38 - Securities Amendment Act, 2008
November 3, 2008 - Third Reading
Ms Blakeman: Thank you very much, Mr. Speaker. I’m pleased to speak in favour of Bill 38, the Securities Amendment Act, 2008. I’ll be glad to see the passage of this. This is one of my heavier files. A lot of work went into making sure we were going to be okay with what’s being proposed here.
I’ve talked about the arguments about whether this – well, it’s not whether. This is a power struggle between the federal government and what they’d like to see as a national program and the provinces preferring to see this passport program in place. In the end I think this is going to be fine for Alberta. What it’s going to mean is that we have less red tape for investors and those dealing in securities markets to deal with. It does set out the home dealer concept. It enshrines those principles that I was referring to earlier that are coming out of the International Organization of Securities Commissions, in which I’d been talking about the objectives: “the protection of investors; ensuring that markets are fair, efficient and transparent; [and] the reduction of systemic risk.” Then there were a number of principles that they go on to outline. The bottom line is that this is intended to protect investors and to instill and maintain confidence.
I think the passport system, I hope, is going to work for all of us, and at this point I’m willing to support third reading of Bill 38, the Securities Amendment Act, 2008.
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