National Regulator….take two (or is it, take fourteen or fifteen?)
After nearly fifty years of discussion and a two year lull in the conversation, the federal government along with British Columbia, Ontario, Saskatchewan and New Brunswick announced their agreement to launch a national regulator by the fall of 2015.
Canada is the only industrialized country without a national securities regulator. Our financial services’ industry – touted as a pillar of strength in the wake of the 2008 financial crisis – will benefit from the harmonization of regulatory rules and enforcement across the thirteen jurisdictions in Canada. Lower compliance costs, time savings and the attraction of greater foreign investment are only a few of the benefits. While the hold-out provinces (Alberta and Quebec notably) may not participate and we’ve learned over the years that a “big bang” overhaul doesn’t work , clearly more gradual regulatory change is coming. The comment period deadline for the proposed legislation is November 7.