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Securities • Issues & AdvocacyJune 6, 2003 Mr. C. David A. Comba Dear Mr. Comba: Thank you for your letter of May 6, 2003, enclosing a copy of the Prospectors and Developers Association of Canada (PDAC) submission to the Uniform Securities Legislation (USL) Project Steering Committee. Initiatives to reform and harmonize Canada’s regulatory environment for the securities industry have gained momentum in recent years. I commend your association for actively participating and defending the interests of the junior mining sector. Mining companies represent over a quarter of the companies listed on the TSX and TSX Venture stock exchanges and many other companies are awaiting listing on a third tier exchange. These companies are users or potential users of the incentives offered by the federal and provincial/territorial governments to stimulate mineral exploration. I believe that these measures would perform even better in a securities environment that offers more streamlined listing requirements, lower cost structures and increased investor confidence. Therefore, it is with interest that I will follow the evolution of undertakings such as the USL, the Wise Persons committee, mandated by my colleague the Honourable John Manley, Minister of Finance, and those of the various securities commissions. While federal jurisdiction over securities markets is limited, I would be pleased to support your efforts by raising this issue at the Mines Ministers’ Conference and with my Cabinet colleagues. Officials in the Minerals and Metals Sector of my department will be monitoring progress on these issues and I invite you to keep me informed of developments with regards to the various initiatives outlined above. Again, thank you for keeping me informed of the PDAC’s actions on this important issue. Yours sincerely, |
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