Proceedings of the Standing Senate Committee on
Banking, Trade and Commerce
Issue 14 - Minutes of Proceedings
OTTAWA, Thursday, June 1, 2005
(31)
[English]
The Standing Senate Committee on Banking, Trade and Commerce met in camera this day, at 4:10 p.m., in room 505, Victoria Building, the Chair, the Honourable Jerahmiel S. Grafstein, presiding.
Members of the committee present: The Honourable Senators Angus, Comeau, Fitzpatrick, Grafstein, Kelleher, P.C., Massicotte, Moore, Munson, Plamondon, Ringuette and Tkachuk (11).
In attendance: June Dewetering, Acting Principal, Jean Dupuis and Sheena Starky, Analysts, Library of Parliament.
Pursuant to the Order of Reference adopted by the Senate on Tuesday, December 7, 2004, the committee continued its consideration of Bill S-19, An Act to amend the Criminal Code (criminal interest rate). (See Issue No. 5, February 2, 2005, for the full text of the Order of Reference.)
It was agreed that senator's staff be permitted to stay in the room during the in camera meeting.
Pursuant to rule 92(2)(e), the committee considered its agenda.
It was agreed that the Minister of Justice and officials from the Department of Justice Canada be invited to appear on Wednesday, June 8, 2005 and that the Clerk of the Committee report back to the committee on this matter on Thursday, June 2, 2005.
At 5:50 p.m., the committee adjourned to the call of the Chair.
ATTEST:
OTTAWA, Thursday, June 2, 2005
(32)
[English]
The Standing Senate Committee on Banking, Trade and Commerce met in camera this day, at 11:15 a.m., in room 505, Victoria Building, the Chair, the Honourable Jerahmiel S. Grafstein, presiding.
Members of the committee present: The Honourable Senators Angus, Banks, Fitzpatrick, Grafstein, Kelleher, P.C., Massicotte, Moore, Plamondon and Tkachuk (9).
In attendance: June Dewetering, Acting Principal, Jean Dupuis and Sheena Starky, Analysts, Library of Parliament.
It was agreed that senators' and committee staff be permitted to stay in the room during the in camera meeting.
At 11:15 a.m., pursuant to the Order of Reference adopted by the Senate on Tuesday, December 7, 2004, the committee continued its consideration of Bill S-19, An Act to amend the Criminal Code (criminal interest rate). (See Issue No. 5, February 2, 2005, for the full text of the Order of Reference.)
Pursuant to rule 92(2)(e), the committee considered its agenda.
The Honourable Senator Moore moved that the committee invite the Honourable Irwin Cotler, Minister of Justice, and officials from the Department of Justice Canada, to appear on June 22, 2005.
The question being put on the motion, it was adopted.
It was agreed that the Law Clerk and Parliamentary Counsel, Mark A. Audcent, be invited to attend the meeting on June 22, 2005.
It was agreed that the committee would proceed to clause by clause consideration of Bill S-19 after hearing from the Minister of Justice and the Law Clerk and Parliamentary Counsel.
At 11:30 a.m., pursuant to the Order of Reference adopted by the Senate on Tuesday, November 23, 2004, the committee continued its consideration on issues dealing with productivity and competitiveness. (See Issue No. 13, May 11, 2005, for the full text of the Order of Reference.)
Pursuant to rule 92(2)(e), the committee considered its agenda.
At 11:35 p.m., the committee proceeded to consider other business.
It was agreed that the committee would participate in a pilot project with respect to the televising of its public proceedings.
At 11:40 a.m., pursuant to the Order of Reference adopted by the Senate on Tuesday, November 16, 2004, the committee continued its consideration of consumer issues arising in the financial services sector. (See Issue No. 1, November 18, 2004, for the full text of the Order of Reference.)
Pursuant to rule 92(2)(e), the committee considered its agenda.
At 12:50 p.m., the Honourable Senator Angus assumed the Chair.
At 12:57 p.m., the Honourable Senator Grafstein resumed the Chair.
It was agreed that the committee would hear from witness concerning the issue of hedge funds on June 8, 2005.
It was agreed that the committee would invite Mr. David Brown, Chair of the Ontario Securities Commission, to appear on June 16, 2005.
It was agreed that the committee would invite representatives from the Royal Canadian Mounted Police to appear on June 16, 2005.
At 1:21 p.m., the committee adjourned to the call of the Chair.
ATTEST:
OTTAWA, Wednesday, June 8, 2005
(33)
[English]
The Standing Senate Committee on Banking, Trade and Commerce met this day, at 4:06 p.m., in room 9, Victoria Building, the Deputy Chair, the Honourable W. David Angus, presiding.
Members of the committee present: The Honourable Senators Angus, Kelleher, P.C., Massicotte, Meighen, Moore and Plamondon (6).
In attendance: June Dewetering, Acting Principal, Jean Dupuis and Sheena Starky, Analysts, Library of Parliament.
Also present: The official reporters of the Senate.
Pursuant to the Order of Reference adopted by the Senate on Tuesday, November 16, 2004, the committee continued its consideration of consumer issues arising in the financial services sector. (See Issue No. 1, November 18, 2004, for the full text of the Order of Reference.)
WITNESSES:
Alternative Investment Management Association Limited:
James McGovern, Chairman;
Gary Ostoich, Legal Counsel.
Investment Dealers Association of Canada:
Paul Bourque, Senior Vice-President, Member Regulation;
Louis Piergeti, Vice-President, Financial Compliance.
The Deputy Chair made an opening statement.
Mr. McGovern made an opening statement and, with Mr. Ostoich, answered questions.
At 5:15 p.m., the committee suspended.
At 5:17 p.m., the committee resumed.
Mr. Bourque and Mr. Piergeti made a joint statement and answered questions.
At 6:00 p.m., the committee adjourned to the call of the Deputy Chair.
ATTEST:
OTTAWA, Wednesday, June 15, 2005
(34)
[English]
The Standing Senate Committee on Banking, Trade and Commerce met in camera this day, at 4:15 p.m., in room 505, Victoria Building, the Chair, the Honourable Jerahmiel S. Grafstein, presiding.
Members of the committee present: The Honourable Senators Cowan, Fitzpatrick, Grafstein, Gustafson, Kelleher, P.C., Meighen, Moore, Plamondon and Tkachuk (9).
Other senator present: The Honourable Senator Phalen (1).
In attendance: June Dewetering, Acting Principal, Jean Dupuis and Sheena Starky, Analysts, Library of Parliament.
Pursuant to the Order of Reference adopted by the Senate on Tuesday, November 23, 2004, the committee continued its consideration on issues dealing with productivity and competitiveness. (See Issue No. 13, May 11, 2005, for the full text of the Order of Reference.)
It was agreed that senators' and committee staff be permitted to stay in the room during the in camera meeting.
Pursuant to rule 92(2)(f), the committee considered a draft report.
At 5:29 p.m., the Honourable Senator Meighen assumed the Chair.
At 5:33 p.m., the Honourable Senator Grafstein resumed the Chair.
It was moved by the Honourable Senator Tkachuk:
That the draft report be adopted as the report of the committee;
That the Chair and the Deputy Chair be empowered to approve the final version of the report taking into consideration today's discussion and with any necessary editorial, grammatical or translation changes required;
That, if possible, the Chair table this report in the Senate on Tuesday, June 21, 2005; and
That the Chair and Deputy Chair proceed with the communication plan discussed at today's meeting.
The question being put on the motion, it was adopted.
At 6:20 p.m., the committee adjourned to the call of the Chair.
ATTEST:
OTTAWA, Thursday, June 16, 2005
(35)
[English]
The Standing Senate Committee on Banking, Trade and Commerce met this day, at 11:00 a.m., in room 9, Victoria Building, the Chair, the Honourable Jerahmiel S. Grafstein, presiding.
Members of the committee present: The Honourable Senators Fitzpatrick, Grafstein, Gustafson, Kelleher, P.C., Massicotte, Meighen, Moore, Plamondon and Tkachuk (9).
In attendance: Jean Dupuis and Sheena Starky, Analysts, Library of Parliament.
Also present: The official reporters of the Senate.
Pursuant to the Order of Reference adopted by the Senate on Tuesday, November 16, 2004, the committee continued its consideration of consumer issues arising in the financial services sector. (See Issue No. 1, November 18, 2004, for the full text of the Order of Reference.)
WITNESSES:
Ontario Securities Commission:
David Brown, Chair;
Wendy Dey, Director Communications.
Royal Canadian Mounted Police:
Chief Superintendent Peter M. German, Director general, Financial Crime:
Superintendent J.R. (John) Sliter, Director, Integrated Market Enforcement Program, Federal and International Operations.
Mr. Brown made a statement and, with Ms. Dey, answered questions.
At 12:35 p.m., the committee suspended.
At 12:39 p.m., the committee resumed.
Chief Superintendent German and Superintendent Sliter answered questions.
At 1:22 p.m., the committee adjourned to the call of the Chair.
ATTEST:
Gérald Lafrenière
Clerk of the Committee