McGuinty Calls For Single Securities Regulator
Greater Provincial Cooperation Needed For A Stronger Canadian Economy
CALGARY -- Ontario Premier Dalton McGuinty today said that his government fully supports the creation of a single securities regulator and will work in cooperation with the other provincial governments to make it a reality.
"The time has come for a single securities regulator in Canada," said Premier McGuinty. "Vibrant capital markets attract investment. They provide the funds new industries need to grow and that established industries need to expand. They give Canadians ways to save for their future needs."
"Strong economies always have strong capital markets. A system that fragments our capital markets undermines our potential for growth."
Canada currently has 13 different securities regulators. It is the only major economy in the industrialized world that does not have a single securities regulator. This results in needless red tape for investors and makes it needlessly difficult for investors to understand our markets. The cost of these administrative hurdles is passed on to capital markets and, ultimately, the consumer.
Inter-Provincial Securities Initiative stakeholders and the federal government's Wise Persons' Committee have strongly recommended federal, provincial and territorial governments work together to create a single securities regulator.
"The markets have spoken, and they have done so loudly: they want one regulator and one set of securities laws," said Premier McGuinty. "Our government is listening and we're ready to work with others to help build a stronger economy for all."
Premier McGuinty made his comments in a speech to the Calgary Chamber of Commerce that highlighted the importance of provincial governments working together to create a higher quality of life for the citizens they serve.
"In a highly competitive, global economy, our provinces are more connected than ever before," said Premier McGuinty. "If we work and dream and build together, we can create a stronger economy and a Canada that's the envy of the world."