Advisors, investors and markets would all benefit from a single national regulator, says the Investment Industry Association of Canada (IIAC) in its recent newsletter.
So the the regulatory problems Canada faces under its current regime. In a table including 10 categories, such as registration matters and enforcement, IIAC looks at why a national regulator is the solution to several key challenges.
For example, we currently have 13 separate, provincial regulators that use Securities Acts that are only partially harmonized. When it comes to proficiency requirements of advisors, says IIAC, “regulators in each jurisdiction may have different views or interpretations of the rules, which can result in delays in obtaining registration [in multiple jurisdictions].”
Further, enforcement of regulations across provinces is inefficient, given that commissions often struggle to launch co-ordinated investigative efforts. That’s a problem since “many contraventions involve interprovincial securities distributions,” says IIAC.
to find out how adopting a single regulator would help solve these problems.
This story originally appeared on our sister site Advisor.ca.
- Government reports progress on national regulator
- Teachers’, bcIMC support co-operative securities regulator
- Investment industry CEOs optimistic