Montréal, October 15, 2009 - The Minister of Finance, Raymond Bachand, and the  Minister of Agriculture, Fisheries and Food and Minister responsible for Canadian Intergovernmental Affairs and the Reform of Democratic Institutions, Claude Béchard, reacted today to the announcement of the appointment, by the federal government, of the members of the Advisory Committee to the Transition Office for the establishment of a federal securities regulation system.

“Today’s announcement marks another step in the federal government’s plan that encroaches on the provinces’ responsibilities over securities regulation, even though they are doing their job very well,” the Minister of Finance said. The Minister pointed out that, like Québec, Alberta has not named a representative to the committee.

He added: “It is difficult to maintain, without any proof, that a centralized organization would necessarily be better than a group of decentralized organizations. Recent events with our neighbours to the south have shown clearly that an organization’s size does not equate to skill or better protection for savers.”

Minister Béchard noted that the Québec government has filed a reference with the Appeal Court of Québec contesting the federal authority to create a pan-Canadian securities commission. “It is astonishing to see the federal government continuing to work and appoint members to the Advisory Committee while the constitutionality of its initiative has been referred to the courts,” he said.

Lastly, Minister Bachand observed that the provincial-territorial securities passport has been fully operational since last September 28. “Québec has always been in favour of a pan-Canadian system – that’s what we now have with the passport system –, but we are against a centralized system. We believe that the interests of Quebecers and Canadians will be better served to the degree that the provinces continue to look after them,” the Minister concluded.

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