Canadian Lawyer

Regional wrap-up New securities commission for NB Continued from page 7 the consolidation of unique regulatory resources in a small province which faces the same regulatory challenges and stakeholder expectations as its larger counterparts," says Peter Klohn, a partner with Stewart McKelvey in Saint John. It should also enhance efficiency and effectiveness, he adds. "It is a logical and natural evolution in an increasingly complicated yet highly integrated world." The new commission, which will have offices in Saint John and Fredericton, may have been in the making for some time but its arrival comes less than 12 months after a scathing CBC investigation concluded the former New Brunswick Securities Commission, established in 2004 after a report authored by Klohn was adopted by the provincial government, had "one of the worst records in Canada for collecting fines." According to the report, over a fiveyear period from 2007-11, the commission sought to recover almost $3 million in fines and money investors lost as a result of scams. Only 17 per cent of that money was ever recovered. The national recovery rate is more than double that. It is unclear whether enforcement efforts will prosper under the new structure, but Klohn anticipates improvements overall. "I would expect that there will be tremendous benefit to securities stakeholders from additional insight and co-operation among various regulatory staff involved in areas such as loan and trust companies, franchises, pensions, and insurance," he says. Klohn, a member of the advisory committee to the Canadian Securities Transition Office, believes the expanded scope of the new commission will also help break down regulatory silos. "The test of the new structure will be how long it takes to achieve the working alignment and effective integration of the previous regulatory bodies and whether the projected efficiencies can be reached," he says. "Initial reports are that all involved are working very hard to achieve these results." In addition to the FCSC, a tribunal has also been created to hear enforcement matters and appeals of commission decisions. — DM INCISIVE FEDERAL LABOUR LAW INFORMATION NEW PUBLICATION FEDERAL LABOUR LAW AND PRACTICE EDITORS: BRIAN W. BURKETT, DOUGLAS G. GILBERT, JOHN D.R. CRAIG, AND MARGARET E. GAVINS The editors have recruited a team of exceptional labour lawyers from across Heenan Blaikie LLP to co-author Federal Labour Law and Practice. This text provides a detailed and analytical review of federal labour law as it has been developed by the Canada Industrial Relations Board and the courts. It includes a thorough review of the Canada Industrial Relations Board Regulations, 2012. ORDER # 804594-65203 $160 Hardcover approx. 380 pages May 2013 978-0-88804-594-2 Shipping and handling are extra. Price subject to change without notice and subject to applicable taxes. AN EXPANSIVE LOOK AT FEDERAL LABOUR LAW • The text covers key topics such as: • • OrganizationoftheBoard • BoardProcedures • • AcquisitionandRevocationof Bargaining Rights AVAILABLE RISK-FREE FOR 30 DAYS Order online: www.carswell.com Call Toll-Free: 1-800-387-5164 In Toronto: 416-609-3800 CANADA LAW BOOK® 8 September 2013 www.CANADIAN CollectiveBargaining ConciliationandFirstAgreementInterest Arbitration Strikes,LockoutsandUnfairLabour Practices L a w ye r m a g . c o m

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