Don't duplicate efforts with a national regulator, says advisor

Don't duplicate efforts with a national regulator, says advisor


This week’s article announcing Alberta's push for a national securities regulator, has one WP reader's backing, but not if it means a duplication in efforts.

The article outlined a proposal by Alberta's Finance Minister Doug Horner - who was in Toronto on Thursday making his pitch public - for the creation of a national enforcement agency to handle enforcement and systemic risk and a quasi-judicial tribunal to rule on criminal code violations and other major securities issues.

Horner would also like to see a formal committee, head by the federal Finance Minister, handle systemic risk concerns that require national intervention, while provincial securities commissions stick to handling locally-based regulatory issues and securities violations. 

"Yes, I favour a national regulator, but not one where both the functions and the costs are duplicated," wrote Alberta-based financial planner, Lorne Radke, on WP's website.

Another advisor, also supports the creation of a national regulator, but questioned why Alberta had changed its stance on the issue. "This is odd in that it seems to be a reversal in Alberta's position," wrote Wayne.

The federal government is considering a co-operative system, which would see the provinces jointly run a securities regulator, which presently only has the support of Ontario and B.C.

Canada is the only major industrialized country without a single securities regulator.

Related stories:

National regulator on the horizon?

Quebec, Alberta advisors would welcome national regulator