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

Issue 14 - Minutes of Proceedings

OTTAWA, Wednesday, January 31, 2007
(29)

[English]

The Standing Senate Committee on Banking, Trade and Commerce met at 4:04 p.m., this day, in room 9, Victoria Building, the Chair, the Honourable Jerahmiel S. Grafstein, presiding.

Members of the committee present: The Honourable Senators Angus, Biron, Campbell, Chaput, Eyton, Fitzpatrick, Goldstein, Grafstein and Harb (9).

In attendance: June Dewetering and Philippe Bergevin, Research Officers, Library of Parliament.

Also in attendance: The official reporters of the Senate.

Pursuant to the Order of Reference adopted by the Senate on May 2, 2006, the committee continued its study of the present state of the domestic and international financial system. (For the complete text of Order of Reference see proceedings of the committee, Issue No. 2.)

Topic: The study on hedge funds

WITNESS:

Office of the Superintendent of Financial Institutions Canada (OSFI)

Julie Dickson, Acting Superintendent of Financial Institutions.

At 4:05 p.m., Ms. Dickson made a statement answered questions.

At 5:00 p.m., the committee sat in camera pursuant to rule 92(2)e to consider a draft future agenda and a draft budget.

It was agreed that the clerk survey the members of the committee to find possible dates for travelling.

The committee considered the following draft budget application:

Professional and Other Services	$49,500
Transportation and Communications	$220,080
All Other Expenditures	$5,300
TOTAL	$274,880

It was moved by the Honourable Senator Eyton that the draft budget concerning the study on interprovincial barriers to trade in the amount of $274,880 be adopted and that the Chair present the same to the Committee on Internal Economy, Budgets and Administration.

The question being put on the motion, it was adopted.

It was agreed that the committee hear some witnesses on the subject of bankruptcy.

At 5:30 p.m., the committee adjourned to the call of the Chair.

ATTEST:

OTTAWA, Thursday, February 1, 2007
(30)

[English]

The Standing Senate Committee on Banking, Trade and Commerce met at 10:50 a.m., this day, in room 9, Victoria Building, the Chair, the Honourable Jerahmiel S. Grafstein, presiding.

Members of the committee present: The Honourable Senators Angus, Biron, Campbell, Chaput, Goldstein, Grafstein, Harb and Tkachuk (8).

In attendance: Philippe Bergevin, Research Officer, Library of Parliament.

Also in attendance: The official reporters of the Senate.

Pursuant to the Order of Reference adopted by the Senate on May 2, 2006, the committee continued its study of the present state of the domestic and international financial system. (For the complete text of Order of Reference see proceedings of the committee, Issue No. 2.)

Topic: The study on hedge funds

WITNESSES:

TSX Group (Toronto Stock Exchange)

Robert Fotheringham, Vice-President of Trading.

Alternative Investment Management Association (AIMA)

Tris Lett, Deputy Chair;

Michael Burns, Legal Counsel.

At 10:50 a.m., Mr. Fotheringham made a statement and answered questions.

At 12:25 p.m., Mr. Lett made a statement and, together with the other witness, answered questions.

At 1:10 p.m., the committee adjourned to the call of the Chair.

ATTEST:

Line Gravel

Clerk of the Committee