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A new national securities commission should be up and running in Canada by 2012 after a transition plan and a new draft for a national securities act are completed by next summer, project leader Doug Hyndman revealed Thursday.

Mr. Hyndman, the former chairman of the British Columbia Securities Commission who was named this year to head the "transition office" to create a new national regulator, said Thursday the federal government will announce soon which provinces have agreed to participate in the work of designing the structure and details of a new national commission.

He said "quite a few" provinces have agreed to appoint a representative to a new advisory council, which will help shape the plans for a new regulator. But he refused to give a more specific number or identify the provinces prepared to join.

Mr. Hyndman added that by appointing a representative to the advisory council, the provinces will not be committing to join a new regulator, but only to participate in the process of designing the model. A final decision will be expected once a detailed model is available for review.