Thank you. Member for Yellowknife North.
Thank you, Madam Chair. Does the Minister happen to know what the number one sick day in the GNWT is?
Thank you, Member. Minister.
Thank you. The number one sick day is "spring ahead," so daylight savings. I'm not sure if I have the estimates of how much that costs the government on an annual basis, but we do see a significant cost to the GNWT. Thank you.
Thank you. Member for Yellowknife North.
Thank you, Madam Chair. I think that reason alone is to get rid of the time change. It's also one of the most common sick days in the private sector, costing private businesses millions of dollars every year. When Alberta went out, 93 percent of Albertans wanted to get rid of it; BC, 90 percent. In almost every jurisdiction, it's been well over 75 percent to 90 percent of Canadians want to get rid of time change. Yukon went and did it. They went to permanent Daylight Saving Time. The Alberta government is ready to go. They're going to get rid of it. Can we just do this already? Is the Minister willing to get rid of time change and adopt a permanent Daylight Saving Time? Thank you, Madam Chair.
Thank you, Member. Minister.
Thank you. If this bill passes, then there needs to be a period of public engagement, and then we can move on with doing that work. Thank you. I'm anxious. I'm looking forward for Alberta to do it so that we can do it. Thank you.
Thank you, Minister. Member for Yellowknife North.
Thank you, Madam Chair. Yes. I recognize the debate here is whether to do it if Alberta does it. I am of the view that we can do what the Yukon did and just do it anyways. I think permanent Daylight Saving Time is the way to go, not permanent standard time. Can I just get confirmation: the wording of this bill is slightly confusing to me, and I believe this is the case. We're scrapping the daylight savings regulations to create one standard time, but that standard time still could be Daylight Saving Time year round if we want it. Is that correct?
Thank you, Member. Minister.
Member for Yellowknife North.
Thank you, Madam Chair. Does the Minister have any insight where Alberta is with that? I know they went out for consultation actually. I believe they actually had a bill ready at one point, and then COVID came. Do we have any update on where Alberta is with that, with this change? Thank you, Madam Chair.
Thank you, Member. Minister.
Thank you. Unfortunately, no, I don't, but I can let the Member know that we'll be ready. Thank you.
Thank you, Minister. Member.
Thank you, Madam Chair. Regardless, if Alberta does this, we have to follow suit. Is the Minister willing to go out and get some public engagement before about support for this? I suspect, if we do poll the people in the NWT, there will be overwhelming support as has been the case in every other Canadian jurisdiction who has done this work? Thank you, Madam Chair.
Thank you, Member. Minister.
Thank you. I've already talked to the department about getting a website and an email address going so that members of the public can provide their comments. Thank you.
Thank you, Minister. Are there any further general comments? Member for Hay River South.
Thank you, Madam Chair. I'm pleased to see this bill. We're not Alberta, and maybe they're waiting for us to make the first move. I am pleased to see that there's engagement out there. If it looks like we have to pull the trigger on it, then we do it. Then they'll probably follow right behind us. I'm looking forward to it. Thank you.
Thank you. Minister.
Thank you. I made some gambles today, but I don't know if I'm willing to make that kind of a gamble. Thank you, Madam Chair.
Thank you, Minister. Are there any further general comments to Bill 13? Seeing none, we can proceed to the clause-by-clause review of the bill. Committee, we will defer the bill number and title until after consideration of the clauses. Please turn to page 1 of the bill. Clause 1 does committee agree?
---Clauses 1 through 5 inclusive approved
Committee, to the bill as a whole. Does committee agree that Bill 13, An Act to Amend the Interpretation Act is now ready for third reading?
Agreed.
Thank you, committee. Bill 13, An Act to Amend the Interpretation Act is now ready for third reading. Does committee agree that this concludes our consideration of Bill 13, An Act to Amend the Interpretation Act?
Agreed.
Thank you, Minister, and thank you to our witnesses. Committee, we've agreed to consider Bill 14, An Act to Amend the Securities Act. I will ask the Minister of Justice to introduce the bill.
Thank you, Madam Chair. I am here today to present Bill 14, An Act to Amend the Securities Act. I would like to thank the Standing Committee on Social Development for their thorough review of this bill.
The purpose of securities legislation is to facilitate the raising of capital in the private sector while providing appropriate protections and remedies for investors. As cross-border trading has evolved over time, the regulation of securities in Canada has become a coordinated activity among all provinces and territories and, increasingly, worldwide. When the Northwest Territories enacted securities legislation in 2008, it was in line with the coordinated system of regulation across Canada. Since that time, however, the provinces and territories have agreed that regulatory improvements are required due to proposed changes to European Union regulations, which come into force on January 1, 2022.
This bill addresses those issues so Canadian benchmark administrators, who provide information necessary for the functioning of global capital markets, can be formally designated in Canada and, thus, continue to operate in the European Union. The proposed amendments ensure securities legislation remains harmonized across jurisdictions, directs compliance to the rules established, and protects members of the public who are investors by ensuring the integrity of the system.
This concludes my opening remarks, and I would be pleased to answer any questions that Members may have regarding Bill 14.
Thank you, Minister. I will now turn to the chair of the Standing Committee on Social Development, the committee that considered the bill for opening remarks. Member for Kam Lake.
Thank you very much, Madam Chair. Bill 14, An Act to Amend the Securities Act receives second reading in the Legislative Assembly on October 29, 2020, and was referred to the Standing Committee on Social Development for review. On February 11, 2021, the standing committee held a public hearing with the Minister of Justice and completed its clause-by-clause review of the bill. I want to thank committee and committee staff for their efforts in reviewing this legislation. Individual members may have additional comments or questions. Thank you, Madam Chair.
Thank you, Member. Minister, would you like to bring witnesses into the Chamber?
Yes, I would.
Thank you. Sergeant-at-Arms, please escort the witnesses into the Chamber. Minister, would you please introduce your witnesses?
Thank you. I'd like to introduce Matthew Yap, superintendent of securities, and Cherie Jarock, legislative counsel, and they would be happy to answer any questions Members may have about this topic. Thank you.
Thank you, Minister. I will now open the floor to general comments on Bill 14. Does the committee agree that there are no further general comments, and we can proceed to clause-by-clause review of the bill?
Agreed.
Committee, we will defer the bill number and title under after consideration of the clauses. Please turn to page 1 of the bill. Clause 1, does committee agree?
---Clauses 1 through 8 inclusive approved
Committee, to the bill as a whole. Does committee agree that Bill 14, An Act to Amend the Securities Act is now ready for third reading?
Agreed.
Thank you, committee. Bill 14, An Act to Amend the Securities Act is now ready for third reading. Does committee agree that this concludes consideration of Bill 14, An Act to Amend the Securities Act?
Agreed.
Thank you, Minister, and thank you to our witnesses. Sergeant-at-Arms, you may escort the witnesses from the Chamber. Committee, we've agreed to consider Tabled Document 165-19(2), Government of the Northwest Territories Response to Committee Report 1-19(2), Report on Long-Term Post-Pandemic Recovery - Recommendations to the GNWT. I will now open the floor to general comments on Tabled Document 165-19(2). Are there any general comments? Seeing no comments, thank you, committee. Do you agree that you have concluded consideration of Tabled Document 165-19(2), Government of the Northwest Territories Response to Committee Report 1-19(2), Report on Long-Term Post-Pandemic Recovery - Recommendations to the GNWT?
Agreed.
Thank you, committee. We have concluded consideration of Tabled Document 165-19(2). Committee, we have agreed to consider Tabled Document 166-19(2), Government of the Northwest Territories Response to Committee Report 2-19(2), Report on Long-Term Post-Pandemic Recovery - Recommendations to the GNWT. I will now open the floor to general comments on Tabled Document 166-19(2). Seeing that there are no comments, thank you, committee. Do you agree that you have concluded consideration of Tabled Document 166-19(2), Government of the Northwest Territories Response to Committee Report 2-19(2), Report on Long-Term Post-Pandemic Recovery - Recommendations to the GNWT?
Agreed.
Thank you, committee. We have concluded consideration of Tabled Document 166-19(2). Committee, we have agreed to consider Tabled Document 167-19(2), Government of the Northwest Territories Response to Committee Report 3-19(2), Report on Long-Term Post-Pandemic Recovery - Recommendations to the GNWT. I will now open the floor to general comments on Tabled Document 167-19(2). Seeing that there are no comments, thank you, committee. Do you agree that you have concluded consideration of Tabled Document 167-19(2), Government of the Northwest Territories Response to Committee Report 3-19(2), Report on Long-Term Post-Pandemic Recovery - Recommendations to the GNWT?
Agreed.
Thank you, committee. We have concluded consideration of Tabled Document 167-19(2). Committee, we have agreed to consider Minister's Statement 77-19(2), National Housing Co-Investment Fund. I will now open the floor to general comments on Minister's Statement 77-19(2). Seeing that there are no comments, thank you to committee. Do you agree that you have concluded consideration of Minister's Statement 77-19(2), National Housing Co-Investment Fund?
