The Working Group in their deliberations felt that, in recommending a Canadian Commercial Law Framework to governments in Canada, certain priorities should be suggested:
First of all, the group felt that the elements of category I - Commercial Law that Orders Affairs between Private Parties - should receive priority over enforcement law. They recognized however, that a significant amount of effort has gone into enforcement law reform and that these pieces of proposed legislation are very largely ready for enactment.
Secondly, within the first category certain priorities should be recommended for development or enactment as the case may be:
a. Transfer of Indirectly Held Securities: The Working Group agreed with the Production Committee working on this project that the proposed reforms are essential to maintaining the global competitiveness of Canada = s securities markets, and that they will benefit all market participants. These measures would be critically important in the face of a financial calamity. Given the likelihood that the ULCC will consider this project in 1999, it is appropriate to recommend it as an early priority.
b. Cost of Credit Disclosure: Both the Consumer Measures Committee and the ULCC have finalized their work on this project. It was identified as a target for harmonization in the Internal Trade Agreement process. It has the potential to significantly harmonize a complex area of law that is highly relevant to consumers and to business.
c. Electronic Commerce: Electronic Commerce initiatives have been identified as priorities by Justice and Consumer Ministers and Ministers responsible for the Information Highway. These issues need to be addressed to ensure legal structures keep pace with technological development.
d. Leases: The Working Group agrees that, because of the serious gaps in Canadian legislation and the increasing need to pursue solutions, developmental work on a leasing project should begin immediately.
e. Federal Secured Transactions: Attention needs to be given to a number of areas of concern including the ability to properly secure mobile equipment, particularly aircraft, the level of uncertainty around security in intellectual property, and the need to harmonize section 427 of the Bank Act with provincial secured transactions regimes. The Federal government should consider this project a priority.