SIPA made an unsolicited submission to the Expert Panel and subsequently appeared before them. We recognized their limited mandate which was to recommend the best approach to securities regulation as there are two schools, one recommedns a national securitites regulator, the other recommends retaining provincial control with harmonization.
Their mandate did not mention investor protection. Neverthless we made a submission which included recommendation for a national financial services regulator similar to the Quebec model, a national authority for investor protection with the power to order restitution, and an Investor Protection Fund to pay the restitution.
Few of the provinces order restitution and fewer still pay restitution.
The Expert Panel recommended a natioanl regulator with the power to order restitution, and an Investor Protection Fund to pay the restitution. I believe this is the first time that a committee has mad a recommendation for such a fund.
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