Proceedings of the Standing Senate Committee on
Banking, Trade and Commerce

Issue 28 - Minutes of Proceedings

OTTAWA, Wednesday, October 29, 2003
(48)

[English]

The Standing Senate Committee on Banking, Trade and Commerce met at 4:05 a.m., this day, in room 505, Victoria Building, the Chair, the Honourable Richard H. Kroft, presiding.

Members of the committee present: The Honourable Senators Angus, Biron, Hervieux-Payette, P.C., Kelleher, P.C., Kroft, Lynch-Staunton, Massicotte, Oliver and Tkachuk (9).

Other senator present: The Honourable Senator Plamondon (1).

Also in attendance: The official reporters of the Senate.

Pursuant to the Order of Reference adopted by the Senate on Monday, June 9, 2003, the committee began its examination of the Bill S-21, An Act to amalgamate the Canadian Association of Insurance and Financial Advisors and The Canadian Association of Financial Planners under the name the Financial Advisors Association of Canada.

WITNESSES:

From Advocis:

Steve Howard, CA, President and Chief Executive Officer;

Terry Taylor, Past President, CAFP, and Chief Operating Officer;

Fraser Mills, Vice-President, Policy Analysis and Standards;

Beverly Brooks, Vice-President, Public Affairs.

Mr. Howard, Mr. Taylor and Mr. Mills made a statement and with Ms. Brooks answered questions.

It was agreed, — That the committee proceed with the clause-by-clause consideration of Bill S-21, An Act to amalgamate the Canadian Association of Insurance and Financial Advisors and The Canadian Association of Financial Planners under the name the Financial Advisors Association of Canada.

It was agreed, — That the title stand postponed.

It was agreed, — That the preamble stand postponed.

It was agreed, — That clause 1, the short title stand postponed.

Senator Massicotte moved, that Bill S-21 be amended in Clause 2, on page 2, in the French version, by replacing line 18, with the following:

"des conseillers financiers du Canada »''.

After debate, it was agreed to suspended clause-by-clause consideration of Bill S-21 so that the Office of the Law Clerk be consulted concerning comments made by senators with regard to the use of the words ``conseillers financiers'' in the French version of the bill.

At 5:00 p.m., pursuant to the Order of Reference adopted by the Senate on Tuesday, October 29, 2002, the committee continued its examination of the administration and operation of the Bankruptcy and Insolvency Act and the Companies' Creditors Arrangement Act in camera.

The committee consider a draft report.

It was agreed that the draft report be adopted with the proposed changes that were discussed.

It was agreed, — That the researchers and clerk be authorized to make such typographical and editorial changes as may be necessary without changing the substance of the report.

At 6:05 p.m., the committee adjourned to the call of the Chair.

ATTEST:

Denis Robert

Clerk of the Committee