"It's more than a compendium of recommendations by a variety of people," said task force chairman Tom Allen, a prominent Bay Street lawyer. "We want it to be a serious call to action."

"We believe it is time to establish a regulatory framework to allow hedge funds to be sold to the public -- just as a regulatory framework was established for mutual funds," said Colleen Moorehead.

* Requiring that all new securities rules undergo a cost-benefit analysis, and that "securities legislation include as one of its purposes the enhancement of the competitiveness of Canada's capital markets."