Saskatchewan and New Brunswick have both signed an agreement to create a national securities regulator.
“Today’s agreement is a major step toward a single regulator, national in scope, that will enhance Canada’s capital markets,” says Finance Minister Joe Oliver. “The addition of Saskatchewan and New Brunswick to the co-operative system shows our momentum.”
In September, an agreement in principle was reached between the governments of British Columbia, Ontario and Canada to jointly establish a co-operative capital markets regulatory system.
Industry associations are pleased with the announcement.
“We encourage the federal government to continue to strive toward this important goal, which will enhance Canada’s global competitiveness and benefit all business by offering a streamlined process,” says Michael Conway, president and CEO of FEI Canada.
“We commend the leadership shown by the federal government and the provincial governments of each of the participating provinces in moving toward a single national regulator,” adds Portfolio Management Association of Canada president Katie Walmsley. “This represents a major boost for investor protection and economic efficiency that benefits all Canadians.”
But Alberta isn’t pleased with the news.
“Today’s announcement confirms our long-standing fear that Ottawa will proceed with changes to Canada’s securities regulation system without the support of two of its largest markets, Alberta and Quebec,” President of the Treasury Board and Minister of Finance Doug Horner explains. “This will leave Canada with a more fractured system than the one we have today. We do not believe that four provinces constitute a critical mass of support for a change of this magnitude.”
British Columbia, Ontario, Saskatchewan, New Brunswick and Canada will continue to work together to encourage the government of each remaining province and territory to participate in the co-operative capital markets regulatory system.