Debates of October 29, 2012 (day 24)

Thank you, Mr. Moses. Minister Abernethy, do you have witnesses you wish to bring into the House?

I do, Madam Chair.

Does committee agree to bring witnesses into the House?

Agreed.

Thank you, committee. Sergeant-at-Arms, would you please escort the witnesses into the Chamber?

Minister Abernethy, would you introduce your witness for the record, please?

Thank you, Madam Chair. With me today is Mark Aitken, the acting assistant deputy minister with the Department of Justice.

Thank you, Minister Abernethy. I will now open the floor for general comments on Bill 2, Miscellaneous Statute Law Amendment Act. Any opening comments, committee? Does committee agree to go to detail?

Agreed.

Okay, committee. We are dealing with Bill 2. We will defer the title of the bill until after we have done clause by clause. We are on page 1, clause 1.

---Clauses 1 through 19 inclusive approved

Committee, we will return to page 1, Bill 2, Miscellaneous Statute Law Amendment Act, 2012. Bill as a whole, committee.

Agreed.

Thank you, committee. Does committee agree that Bill 2, Miscellaneous Statute Law Amendment Act, 2012, is now ready for third reading?

---Bill 2 as a whole approved for third reading

Thank you, committee. Bill 2 is now ready for third reading. Thank you, Minister. Thank you to your witness. I think we could probably have the witness stay for the next bill.

Committee, we will go onto Bill 8. Bill 8 is An Act to Amend the Securities Act. We will defer the title of the act until we have gone through clause by clause. Minister, do you have opening comments?

Thank you, Madam Chair. I’m here today to speak about Bill 8, An Act to Amend the Securities Act.

The purpose of securities legislation is to facilitate the raising of capital while providing appropriate protections and remedies for investors. As cross-border trading in securities becomes more common, securities legislation that is not harmonized with other jurisdictions leads to inefficiencies in the raising of capital, and inconsistent and unequal protection for investors.

In 2004 an interprovincial memorandum of understanding was developed and included the establishment of the Council of Ministers responsible for Securities Regulation. Key objectives were developed by the council; in particular the harmonization of legislation to improve enforcement, investor protection and inter-jurisdictional cooperation. In 2008 the new Securities Act, consistent with legislation in other jurisdictions, came into force in the Northwest Territories.

This bill deals with three areas in which further regulatory and legislative improvements have been agreed to by all provinces and territories. Amendments in these areas have been or are being enacted in the other jurisdictions. They include:

filling the gap in regulatory tools and protections for bodies overseeing the performance of auditors of publicly traded companies;

adding a framework for the regulation of credit rating organizations; and

providing the same investor rights for plain language, short form summary documents as are given to the longer – and often unread – full prospectus documents.

I am prepared to answer questions that committee members may have regarding Bill 8. Thank you.

Thank you, Minister Abernethy. I’ll now go to the chair of the Standing Committee on Social Programs, who reviewed Bill 8, to the chair, Mr. Moses, for his opening comments. Thank you.

Alfred Moses

Inuvik Boot Lake

Thank you, Madam Chair. The Standing Committee on Social Programs conducted its public review of Bill 8, An Act to Amend the Securities Act, on August 23, 2012. The committee thanks the Minister and his staff for presenting the bill. The bill modernizes the Securities Act and provides for a stronger regulatory system, protecting NWT investors from improper or fraudulent practices. Following the committee’s review, a motion was carried to report Bill 8, An Act to Amend the Securities Act, to the Assembly as ready for consideration in Committee of the Whole.

This concludes the committee’s opening comments on Bill 8. Individual Members may have additional questions or comments as we proceed. Thank you, Madam Chair.

Thank you, Mr. Moses. Minister Abernethy, do you have witnesses you wish to bring into the House?

I do, Madam Chair.

Is committee agreed to bring witnesses into the House?

Agreed.

Thank you, committee. Sergeant-at-Arms, if you would please escort the witnesses into the Chamber.

Minister Abernethy, could you please introduce your witnesses to the House?

Thank you, Madam Chair. With me today are Gary MacDougall, the director of legal registries; and Kelly McLaughlin. What is your title?

Bruce McLaughlin

Pine Point

Acting director of legislation.

Acting director of legislation. Thank you, Madam Chair.

Thank you, Minister Abernethy. Committee, are there any general comments in regard to Bill 8? Is committee agreed we go to detail?

Agreed.

Thank you, committee. We will move to detail. We will defer the title of the bill until we have done the clause by clause. Bill 8, clause 1.

---Clauses 1 to 22 inclusive approved

Thank you. Okay, committee, we’ll return to page 1, Bill 8, An Act to Amend the Securities Act. Bill as a whole.

Agreed.

Does committee agree that Bill 8, An Act to Amend the Securities Act, is now ready for third reading?

---Bill 8 as a whole approved for third reading

Thank you, committee. Bill 8 is now deemed ready for third reading. Thank you to the Minister, thank you to your witnesses. Sergeant-at-Arms, please escort the witnesses from the Chamber. What is the wish of committee? Mr. Menicoche.

Kevin A. Menicoche

Nahendeh

Thank you, Madam Chair. I move that we report progress.

---Carried

I will now rise and report progress. Thank you, committee.

Report of Committee of the Whole