Making the Case for New Securities Regulations

The Financial Post published the following article which illustrtates the futility of trying to get Canada a national securities regulator. As long as the investment industry regulator complex is fat and happy nothing will change.

In 2003 the "Wise Persons Committee" published their report "It's Time". But obviously it wasn't. Now we have the Canadian Securities Transition Office. But will there be a transition? I am waiting with baited breath.

Making the case for new securities regulations


The terminology differs-- single, common, Canadian, national or federal -- but the conclusion of virtually every study has been the same: There would be significant benefits for Canadians from a new approach to securities regulation to replace the current system of 13 local jurisdictions, each with its own set of regulations enforceable only in its own province or territory.
 - 1935 The Report of the Royal Commission on Price Spreads calls for a national securities presence.

- 1964 The Porter Commission recommends uniform securities regulation either through a national agency with federal legislation, or through a uniform statute creating a single agency.

- 1967 The Ontario Securities Commission (OSC) proposes that the federal and provincial governments jointly delegate their authority to a federally created Canadian Securities Commission.

- 1979 Proposals for a Securities Market Law for Canada, commissioned by the federal government, recommends establishment of a Canadian securities commission and prepares a draft federal statute which provides for federal legislative jurisdiction excluding intra-provincial matters.

- 1994 Federal government proposes to create a Canadian Securities Commission pursuant to federal legislation, excluding intra-provincial matters and provinces not opting in.

- 2003 The Wise Persons Committee recommends a Canadian Securities Commission, preferably in a collaborative federal-provincial scheme.

- 2006 The Task Force to Modernize Securities Regulation (the Allen Committee) recommends management of enforcement on a national basis in either a unified or harmonized approach to regulation.

- 2006 The Crawford Panel recommends a common securities regulator administering a common securities act on behalf of participating Canadian governments.

- 2009 The Expert Panel on Securities Regulation recommends a Canadian Securities Commission to administer a single securities act for Canada.

- 2009 The federal government establishes the Canadian Securities Transition office to lead the transition to a single national regulator within three years.


I hear that the "single national regulator" will be introduced by a flock of flying pigs.