In the statement, Ms. Stymiest says:
The Committee is to be congratulated for the hard work its members have done under their chair, Michael Phelps;
the Wise Persons Committee has made a signal contribution to solving the single most important problem faced by Canadian capital markets - our fragmented regulatory system;
that in the two years since she first spoke out about this issue in Saskatoon, every national financial organization that made a submission to the Committee has spoken out in favour of reform;
the draft Uniform Securities Act that was released yesterday by the Canadian Securities Administrators is an attempt, and a very useful one, to deal with the worst effects of regulatory fragmentation, and that,
Finally Quebec's legal system, based on the Civil Code, which treats commercial dealings differently from other provinces, is where the Common Law is used. The second, is the primacy of the French language in Quebec, which also has legal implications. These differences have been accommodated before within a single national framework. Ms. Stymiest argues that there is no reason why these issues cannot be accommodated again, preferably within the structure set out by the Committee, but, if not, by other means.
