EdinburghNLP/nunavut-hansard-plusplus huggingface dataset:
At the same time, we have to balance that of doing business in the territory, we want to encourage private businesses to flourish throughout the territory, and if we make it cost prohibitive for businesses to hire staff, then it may not be in the best interest of trying to create employment throughout the territory.
So we’re trying to balance the two and encourage our young population to get educated so that they don’t have to make minimum wage.
So it’s a difficult balancing act that we’re trying to meet but also realizing that we have the highest living cost in the country, so we have to maintain the highest wage in the country. (interpretation) Thank you, Mr. Chairman.
I’m wondering if the minister could comment. In my opening remarks, I was talking about poverty in Nunavut and I have raised it in the winter session, but in our reports, almost half the population in Nunavut are under the poverty level.
If the minister could comment on what the government is doing to help address the high level of poverty in Nunavut.
I said in my opening comments the minimum wage is one step in the right direction, but are there other initiatives that the government is considering to help reduce the level of poverty in Nunavut?
Hon. Paul Okalik (interpretation): Thank you, Mr. Chairman. (interpretation ends) We are trying to do a number of initiatives. In the mining sector, we have been very active in promoting mining activities throughout the territory so that our citizens can get opportunities to earn a good wage from the mining industry.
We have been working very hard on the fishery for example, unfortunately, without much result so far in trying to make sure that our citizens benefit from our resources and earn income.
We’re trying to educate the younger population so that they don’t have to earn minimum wage in the future. We have increased tuition assistance with the supplementary budget that you will be approving hopefully, that will increase opportunities for young people to get a solid education so that they can pursue their dreams and make lots of money, more money than us hopefully.
So those are some steps that we’re taking, they’re incremental, and I’m sure we can do more in other areas. (interpretation) Thank you, Mr. Chairman.
I’m wondering if the minister could tell the House if he has given any further consideration to establishing a working committee or a taskforce in Nunavut to tackle the underlying causes of poverty and recommend solutions to poverty in Nunavut.
Hon. Paul Okalik (interpretation): Thank you, Mr. Chairman. (interpretation ends) We’re on the tail end of our legislative session, so it’s a little hard to start something today.
I’m sure this is a wonderful election platform to run on in the coming election, so I applaud the member’s comments in pursuing this matter.
So I think this could be a wonderful opportunity to try and tackle. (interpretation) Thank you, Mr. Chairman.
I thank the minister for that recommendation.
I encourage all Nunavummiut to ask their aspiring Members of the Legislative Assembly in the next Assembly to ask them how they would address the growing level of poverty in Nunavut. It should be a key election platform in any election.
With that, Mr. Chairman, those are my final comments.
Mr. Chairman, that’s good advice and yes, we will take that into consideration.
One point that I was worried about and I had stated earlier was that there are some companies that have been around for a long time that have a historic record of paying minimum wage forever, practically, to some individuals.
I wonder if there is any way that the government could consider limiting the time that the companies put in $10 minimum wage to their employee. I know we cannot manage the private companies, but has there been any thought given to that, as to whether or not there should be a mechanism to increase the minimum wage? For one, there will be some companies who will stick with the minimum wage for as long as they can, so that’s one possible negative effect on this bill.
Hon. Paul Okalik (interpretation): Thank you, Mr. Chairman. (interpretation ends) To date, the responses that we have from the private sector is that almost everybody is paying $10 an hour today.
So that’s encouraging that they’re trying to do their part in retaining their employees and compensating them appropriately for the services that are provided to them.
The control that we do have is that this is within our control. If we want to see it higher in the future, we can do that by legislation. So we will continue to monitor this and see if there’s a need for further increases in the future that is within our legislative authority. (interpretation) Thank you, Mr. Chairman.
Chairman (interpretation): Thank you, Minister Okalik. (interpretation ends) I think I have no more names.
We’re dealing with Bill 33, An Act to Amend the Labour Standards Act. Clause 1. Does the committee agree?
Committee Motion 017 – 2(4): Bill 33, An Act to Amend the Labour Standards Act – Amendment to Clause 2 – Coming into Force Provision (Okalik)
Hon. Paul Okalik (interpretation): Thank you, Mr. Chairman. (interpretation ends) I would like the members’ indulgence in moving the following motion. After clause 1, this Act comes into force three months after the day on which it receives assent.
That would be my amendment to the legislation. (interpretation) Thank you, Mr. Chairman.
Does the committee agree to Bill 33 as amended?
Chairman: Do members agree that pursuant to Rule 62(2) that Bill 33 can immediately be placed on the Orders of the Day for third reading?
Bill 26 – Securities Act – Consideration in Committee
Chairman: Thank you. Thank you, Minister.
I would now like to ask Minister Okalik for his opening remarks on Bill 26.
Hon. Paul Okalik (interpretation): Thank you, Mr. Chairman. (interpretation ends) I am pleased to appear before you today to present this bill, which enables the implementation of the “Passport system” for securities. This is an agreement entered into by almost all provinces and territories for the inter-jurisdictional regulation of the securities industry in Canada.
The Passport system will give market participants access to capital markets across Canada, based on consistent laws and agreement between securities regulators. The decision of any participating securities regulator will be recognized by all.
The bill sets out details of the procedures and rules that must be followed by every market participant and every person trading in securities.
The bill creates the new position of Superintendent of Securities with powers to ensure that securities market is fair.
These include the power to investigate suspected wrongdoing and to make various orders when it is necessary to protect the interests of the public.
The bill gives investors a number of effective civil remedies by which they can seek compensation. These remedies include the right to withdraw from a purchase of securities and the right to bring an action for damages or rescission.
Finally, the bill authorizes the making of regulations and rules, sets out consequential amendments to the Business Corporations Act, and provides transitional rules for transactions that began under the existing Securities Act.
Those are my opening comments and I’m sure members may have questions for me.
Minister Okalik, please introduce your witnesses.
With me on my right is my Deputy Minister, Markus Weber, and to my left is the Director for the Nunavut Securities Registry, Louis Arki, from the Department of Justice.
Chairman (interpretation): Thank you, Minister Okalik. Welcome to the committee.
Does the Chairman of the Standing Committee Ajauqtiit have opening remarks?
Mr. Chairman, the Standing Committee Ajauqtiit has had the opportunity to review Bill 26, the proposed Securities Act.
Mr. Chairman, the standing committee recognizes that this bill is a complex piece of legislation which is intended to protect the public by regulating those who sell investment products.
I would note that similar legislation is presently under consideration in other provinces and territories.
Mr. Chairman, the standing committee also recognizes that the bill will create a new position, the Superintendent of Securities, who will have oversight responsibility for securities-related matters. Mr. Chairman, some questions were raised regarding the powers of this superintendent. However, the standing committee did support the bill at the clause-by-clause review stage.
The standing committee would encourage the government to keep the Legislative Assembly informed with respect to any issues that arise in the implementation and administration of this legislation.
Before we proceed, I would like to remind the members of the following: according to Rule 77(1), you have 10 minutes to speak, and according to Rule 77(2), subject to the discretion of the Chair, a member may speak more than once to a matter under discussion but not until every member wishing to speak has spoken.
I understand the bill is probably complying with the national standards, and so on, but I’m just curious to know exactly how in the world we are going to be able to track securities that are actively taking part in Nunavut when we don’t have any stock exchanges or whatnot. Really, we’re paying for something that’s really just a desk job and creating a position.
Can the minister, at an appropriate time, respond to exactly how we’re going to keep track of that?
We’re going to be at the mercy of the other stock exchanges and who knows who is going to be trading more than $1 million of securities or whatnot. I’m just curious exactly how that’s going to be monitored and I would like to understand.
I am in support of the bill but I’m just curious whether or not we have the means to, or the tools, really monitor what’s really actively taking part in security exchanging.
So with that, Mr. Chairman, I think I’m not the only one who is curious about this bill. Please help me out.
Do you want to comment on what Mr. Curley has said? Minister Okalik.
Hon. Paul Okalik (interpretation): Thank you, Mr. Chairman. My official to my left, Mr. Arki, can respond to Mr. Curley’s question.
Mr. Arki.
Mr. Arki: Thank you, Minister. Thank you, Mr. Chairman.
In answer to your question, we actually already have the tools to monitor. We are running right now on the two major national databases that we access directly from our offices. One is the national registration database, which monitors the registration of all the participants within the market, being the corporation and the people employed by the corporation, verifying the viability of the corporation and verifying the qualifications of the people working for the corporation.
On the other side, the other main database we are working with, together with all the jurisdictions in Canada, is the SEDAR, the System for Electronic Data Analysis and Retrieval, which then deals with each one of the products that are being offered in securities and each one of the issues that the major corporation puts out on the market.
Those we can track individually by submissions, by original prospectus requirements, and then by compliance with the principle regulators, which is what Passport is based on.
We then individually, in Nunavut, have to give our assent to each one of the transactions that involves our jurisdictions within it.
Chairman: Thank you, Mr. Arki.
That certainly gives a bit more comfort that we’re not wasting our time on this one and that’s good to know.
The only other comment and question that I have is that in order to buy into this system, I assume the government would be having some type of relationships with these firms that are not based up here to do that service for you. Is that how it’s done?
Do we have contractual arrangements from security firms down south or financial institutions to provide that service to you, or do you have tools within the Finance Department to monitor what you’re supposed to monitor?
Hon. Paul Okalik (interpretation): Thank you, Mr. Chairman. The official to my left, Mr. Arki, can also respond to that question.
Mr. Arki: Thank you, Mr. Chairman.
We are actually already in agreement under a Memorandum of Understanding signed by all ministers in Canada, except for Ontario, with regards to securities.
The Canadian Securities Administrators is the umbrella group where basically the heads of securities of these jurisdictions get together and agree to common standards that are implemented.
The implementation of those standards has led to the development of those national databases that I was just describing, so that system is already in place.
What we are doing with the legislation today is catching up and actually leapfrogging the other jurisdictions in order to achieve what would be in next year’s phase, the final path for Phase II, which will be with a full registration, one single approach by market participants to access the markets, which will then give Canada an advantage in terms of investments.
This is going parallel with the dealings that are happening on a national level as well with the Securities Exchange Coalition of the United States and it is going internationally with other jurisdictions that have similar types of security systems, such as Europe and Australia.
Chairman: Thank you, Mr. Arki. (interpretation) Are you done?
I don’t have any comments but I have some questions if I may.
I thank the minister and his officials for presenting this to us today.
I must say it’s quite a daunting document.
We have 13 provinces and territories, so presumably you have 13 similar pieces of legislation. Can the minister or Mr. Arki indicate if Bill 26 is consistent with the other jurisdictions in Canada?
Hon. Paul Okalik (interpretation): Thank you, Mr. Chairman. (interpretation ends) The intent is to have the same legislation so it’s a seamless web regardless of where you may invest, that you have the same rules for everyone.
So that’s the intent of this legislation. (interpretation) Thank you, Mr. Chairman.
There has been some discussion, I know, for the last couple of years that because there are 13 provinces and territories and each has their own securities laws, that you have duplication and lack of transparency and inconsistencies throughout.
In a little bit of what I have heard in the last couple of months in a lobby effort is that there should be one securities exchange similar to what they have in the United States, rather than having these 13 provinces and territories with all their own laws.
I’m wondering if the minister or Mr. Arki could comment on that and perhaps update us on if there is that lobby effort out there and how it’s proceeding.
I’ll have Mr. Arki respond to the question as he’s been involved in that.
In answer to that question, it’s actually a very interesting situation, in so far as the 13 jurisdictions have made quite a bit of progress in applying uniform regulations to the securities industry in Canada.
For instance, Passport Phase I has already been concluded. The method for mutual reliance, that system is already in place.
All we have left to conclude is Part II, which is going to be in 2009, with regards to do a full registration of the individuals and one single access point for any market participant.
We, in essence, already have a system that is fairly uniform because we apply what is called national instruments and multinational instruments that are signed on by, in the case of national instruments, all jurisdictions in Canada, and multinational instruments, most of the jurisdictions that are concerned.
What we are doing right now, and you may well imagine the difficulty involved in terms of the different legislation, is each jurisdiction is passing the necessary amendments to their legislation to come out pretty much to the same target at the same time by the deadline that we have fixed through the CSA.
So we are on this following the Council of Ministers’ recommendations and we take directions, obviously, from the Council of Ministers, but administrated through the CSA to be fairly uniform across the country.
Very recently, if you are actually interested in the development, and I think we could foresee that that is the direction of the question, the industry has actually recognized that the incremental approach, that was very progressive and effective, it has been taken by the CSA, the Canadian Securities Administrators, is the way to go and is being favoured by the industry at this time.
As a matter of fact, as recently as this week, comments have been made already of participation, even from Ontario with Quebec, with regards to trying to find even a better, more integrated approach to what we could present - 80 percent of the securities market within the country, so the progress is being made.
We are now dealing with the final phase of Passport to achieve what would be a really ideal situation, without the need to not distract from all this progress and going over to a brand new securities regulator being the single entity.
There are also issues, as you may well imagine with respect to jurisdictions, where each one of the territories and provinces have jurisdiction over securities and under our system, which has not altered, every jurisdiction retains its full autonomy, while participating, in cooperation with all the other jurisdictions, to achieve the most simplified process possible to attract investment in the country and to all provinces and territories.
Mr. Peterson: Thank you, Mr. Chairman. I thank the minister and Mr. Arki.
That’s a very good explanation. I look forward to reading the Hansard tomorrow and perhaps I could get your business card as well to continue this discussion.
If you are a resident of Nunavut and you trade stocks on any of the Canadian stock exchanges, and I understand that there are a lot of people who do that, a lot of people who manage their self directed RSPs, and so on and so forth, if they had issues or concerns, who would they complain to?
Would it be you that they complain to or would they complain to the stock exchange?
Hon. Paul Okalik: Under this legislation, it will be the Superintendent of Securities and he is the man to my left. (interpretation) Thank you, Mr. Chairman.
It’s good information to know because quite often, you’re at the mercy of other jurisdictions. If you do have a concern about a company in B.C., you have to deal with the British Columbia Securities Commission, and if you have a concern in Ontario, you have to deal with those folks. So it would certainly simplify things for a Nunavut resident if they could talk to you and get that information, or get some direction on how to proceed.
I have heard over the last couple years that Canada is kind of referred to a wild and woolly investment climate. We have heard about in 1996 there was Bre-Ex and we have heard about a number of other companies. At the same time, we hear about companies like the institutions that finance companies, who are involved in manipulating share prices through various tactics that they implement, that the average investor is totally unaware of, and yet, they see their investments going down.
Would you be the person that the investor could complain to if they suspect that there’s manipulation of share prices and you could investigate on their behalf?
Hon. Paul Okalik (interpretation): Thank you, Mr. Chairman. (interpretation ends) The man to my left is the man. (interpretation) Thank you.
(interpretation ends) We’re dealing with Bill 26, Securities Act. Reprint.
Chairman: Bear with me.
Page 13. Clause 2?
Chairman: Page 15. Clause 10?
Chairman: Page 16. Clause 13?
Chairman: Page 17. Clause 15?
Chairman: Page 19. Clause 19?
Chairman: Page 20. Clause 22?
Hon. Paul Okalik: Mr. Chairman, there are 186 sections to this legislation. Could I move that we move that sections 22 to sections 186 be approved in Committee of the Whole? (interpretation) Thank you, Mr. Chairman.
Chairman: There was a motion but our Clerk just came out here for your motion.
Your motion is out of order.
I’m sorry, Minister Okalik.
We were on page 21. Clause 25?
Chairman: Clause 42?
Chairman: Clause 43?
Chairman: Clause 44?
Chairman: Clause 45?
Chairman: Clause 46?
Chairman: Clause 47?
Chairman: Clause 48?
Chairman: Clause 49?
Chairman: Clause 50?
Chairman: Clause 51?
Chairman: Clause 52?
Chairman: Clause 53?
Chairman: Clause 54?
Chairman: Clause 55?
Chairman: Clause 56?
Chairman: Clause 57?
Chairman: Clause 58?
Chairman: Clause 59?
Chairman: Clause 60?
Chairman: Page 35. Clause 61?
Chairman: Clause 62?
Chairman: Clause 63?
Chairman: Clause 64?
Chairman: Clause 65?
Chairman: Clause 66?
Chairman: Page 40. Clause 67?
Chairman: Clause 68?
Chairman: Clause 69?
Chairman: Clause 70?
Chairman: Clause 71?
Chairman: Clause 72?
Chairman: Clause 73?
Chairman: Clause 74?
Chairman: Clause 75?
Chairman: Clause 76?
Chairman: Clause 77?
Chairman: Clause 78?
Chairman: Clause 79?
Chairman: Clause 80?
Chairman: Clause 81?
Chairman: Page 47.
Chairman: Clause 83?
Chairman: Clause 84?
Chairman: Clause 85?
Chairman: Clause 86?
Chairman: 100 more to go.
Chairman: Clause 88?
Chairman: Clause 89?
Chairman: Clause 90?
Chairman: Clause 91?
Chairman: Clause 92?
Chairman: Clause 93?
Chairman: Clause 94?
Chairman: Clause 95?
Chairman: Clause 96?
Chairman: Clause 97?
Chairman: Clause 98?
Chairman: Clause 99?
Chairman: Clause 100?
Chairman: Clause 101?
Chairman: Page 56.
Chairman: Clause 103?
Chairman: Page 62.
Clause 112?
Chairman: Page 65.
Clause 113?
Chairman: Page 69.
Clause 115?
Chairman: Clause 116?
Chairman: Clause 117?
Chairman: Clause 118?
Chairman: Clause 119?
Chairman: On page 71.
Clause 120?
Chairman: Page 73. Clause 121?
Chairman: Clause 122?
Chairman: Page 76.
Clause 123?
Some Members: Agreed.  Chairman: Clause 123?
Chairman: Clause 124?
Chairman: Page 79.
Clause 125?
Chairman: Page 84.
Clause 126?
Chairman: Page 87.
Clause 127?
Chairman: Clause 128?
Chairman: Clause 129?
Chairman: Clause 130?
Chairman: Clause 131?
Chairman: Clause 132?
Chairman: Clause 133?
Chairman: Clause 134?
Chairman: Clause 135?
Chairman: Clause 136?
Chairman: Clause 137?
Chairman: Clause 138?
Chairman: Clause 139?
Chairman: Clause 140?
Chairman: Clause 141?
Chairman: Clause 142?
Chairman: Clause 143?
Chairman: Clause 144?
Chairman: Clause 145?
Chairman: Clause 146?
Chairman: Clause 147?
Chairman: Clause 148?
Chairman: Clause 149?
Chairman: Clause 150?
Chairman: Clause 151?
Chairman: Clause 152?
Chairman: Clause 153?
Chairman: Clause 154?
Chairman: Clause 155?
Chairman: Page 99.
Clause 156?
Chairman: Clause 157?
Chairman: Clause 158?
Chairman: Clause 159?
Chairman: Clause 160?
Chairman: Clause 161?
Chairman: Clause 162?
Chairman: Clause 163?
Chairman: Clause 164?
Chairman: Clause 165?
Chairman: Clause 166?
Chairman: Clause 167?
Chairman: Clause 168?
Chairman: Clause 169?
Chairman: Clause 170?
Chairman: Clause 171?
Chairman: Clause 172?
Chairman: Clause 173?
Chairman: Clause 174?
Chairman: Clause 175?
Chairman: Clause 176?
Chairman: Clause 177?
Chairman: Clause 178?
Chairman: Clause 179?
Chairman: Clause 180?
Chairman: Clause 181?
Chairman: Clause 182?
Chairman: Clause 183?
Chairman: Page 115.
Clause 184?
Chairman: Clause 185?
Some Members: Agreed.  Chairman: Clause 186?
Chairman: That’s it.
Does the committee agree to Bill 26 as a whole?
Chairman: Do members agree that pursuant to Rule 62(2) that Bill 26 can immediately be placed on the Orders of the Day for third reading?
Bill 27 – An Act to Amend the Land Titles Act – Consideration in Committee
Chairman: Thank you. Bill 27.
Hon. Paul Okalik (interpretation): Thank you, Mr. Chairman. Thank you, colleagues.
I’m sorry I made a mistake earlier.
I am pleased to appear today to present this bill.
This bill modernizes the Land Titles Act by allowing the Land Titles Office to accept electronic submissions of documents for registration and filing.
Nunavut has perhaps the most complex land title regime in Canada, and paper filings are no longer sustainable.
Paper documentation can take weeks or even months to travel the vast distances between communities, real estate practitioners, government departments, and the Land Titles Office.