Accessibility/Mobile Features
Skip Navigation
Skip to Content
Editorial News
Business
Classified Sites

The Canadian Press - ONLINE EDITION

Investment group boss optimistic Alberta will join national securities regulator

CALGARY - A vocal proponent of a Canada-wide market regulator says he's optimistic Alberta will sign on to the idea once it gains momentum.

Ian Russell, head of the Investment Industry Association of Canada, acknowledges Alberta remains skeptical about the plan. But the province will likely feel pressure to join once the proposed watchdog gains "critical mass," he said in an interview Monday.

Canada is an anomaly amongst its G7 peers because it has 13 separate provincial and territorial capital markets regulators, rather than a single national watchdog.

Ottawa's push for a national securities regulator hit a wall in late 2011 when the Supreme Court ruled a federally-imposed regulator would encroach on provincial jurisdiction. So last September, the federal, Ontario and British Columbia governments took another run at the idea with a proposed voluntary, co-operative model.

Quebec remains a staunch opponent of the idea and Alberta is still unconvinced.

Russell expects that Saskatchewan, whose economic muscle has grown in recent years, will come on board soon, followed by some of the Atlantic provinces and perhaps Manitoba. That should be enough of a buy-in to get the Co-operative Capital Markets Regulator up and running about a year from now.

At that point, Russell said he expects Alberta won't want to remain on the outside much longer.

"It would mean that large companies are going to have to register with the co-operative regulator as well as with the province. You're now moving towards a structure for outlying provinces that's less than efficient and then it starts to make more and more sense that those provinces should move together in the same direction as part of the national regulator," he said.

"Up until now it's been on paper, it's been a theory, but the way the dynamics are going it is going to become reality and the outlying provinces need to think what that means."

The proposed watchdog would be steered by a council of ministers, and beneath that, by a board of provincial and territorial appointees. Ottawa would be at the table, but would not have outsized influence, Russell said.

"I don't think it's well understood that the co-operative regulator actually provides a lot of regional autonomy to the provinces," he said.

  • Rate this Rate This Star Icon
  • This article has not yet been rated.
  • We want you to tell us what you think of our articles. If the story moves you, compels you to act or tells you something you didn’t know, mark it high. If you thought it was well written, do the same. If it doesn’t meet your standards, mark it accordingly.

    You can also register and/or login to the site and join the conversation by leaving a comment.

    Rate it yourself by rolling over the stars and clicking when you reach your desired rating. We want you to tell us what you think of our articles. If the story moves you, compels you to act or tells you something you didn’t know, mark it high.

Sort by: Newest to Oldest | Oldest to Newest | Most Popular 0 Commentscomment icon

You can comment on most stories on brandonsun.com. You can also agree or disagree with other comments. All you need to do is register and/or login and you can join the conversation and give your feedback.

There are no comments at the moment. Be the first to post a comment below.

Post Your Commentcomment icon

Comment
  • You have characters left

The Brandon Sun does not necessarily endorse any of the views posted. Comments are moderated before publication. By submitting your comment, you agree to our Terms and Conditions. New to commenting? Check out our Frequently Asked Questions.

letters

Make text: Larger | Smaller

Brandon Sun Business Directory
The First World War at 100
Why Not Minot?
Welcome to Winnipeg

Social Media

Canadian Mortgage Rates