TORONTO, June 3 /CNW/ - The panel appointed by the Ontario Government has

begun its work on developing a detailed proposal for a common Canadian

securities regulator.

    "I have committed to moving forward with a more substantive outline of

what a common regulator could look like, and how it could function," said

Chair of the Management Board of Cabinet Gerry Phillips. "This panel will

provide valuable advice on how we can move forward with this initiative in a

way that will serve the interests of all provinces and territories."

    The panel's terms of reference include detailed design work on a common

securities regulator, including features to ensure a strong local presence and

sensitivity to regional issues. The panel has been asked to deliver a final

report by the end of October 2005. Purdy Crawford, Counsel at Osler, Hoskin

and Harcourt, has agreed to chair the panel.

    "I am pleased and grateful that Mr. Crawford has agreed to lend his

considerable expertise to this important initiative," Phillips said. "He's an

experienced corporate leader as well as a skilled lawyer with expertise in

securities matters."

    Crawford is joined by panel members Claude Lamoureux, John MacNaughton,

Dawn Russell, Jacques Menard, Brian Canfield, and Gwyn Morgan. Links to panel

members' biographies are attached.

    "Panel members come from across the country," panel chair Purdy Crawford

said. "Their broad mix of perspectives will ensure that we consider the

viewpoints of investors and businesses from across Canada."

    The Ontario government remains committed to working with other provinces

on initiatives that support a more common approach to securities regulation,

and will continue to play a leadership role in cooperation with other

governments.

    "Advancing the design of a common securities regulator is key to ensuring

a stronger, more modern economy," said Phillips. "This is an economic issue,

not a jurisdictional one. Vibrant capital markets help lay the foundation for

strong economic growth, which benefits all provinces and territories."