Close X
Sunday, October 6, 2024
ADVT 
National

National Securities Regulator Won't Pressure Provinces To Get Onboard: Chairman

The Canadian Press, 18 Aug, 2015 12:09 PM
    TORONTO — As the plan to create a national securities regulator forges ahead, the organization's newly minted chairman says he isn't bothered by the fact that not all of the provinces have signed on.
     
    "My dominant goal at the moment ... is to make it work for the people who have already signed up, because that's going to be a big enough job as it is," Nova Scotia businessman William Black said in his first sit-down interview since being appointed to lead the new co-operative regulator.
     
    "And if it turns out that Nova Scotia or Alberta or anybody else wants to join in as we're going along, great."
     
    Ontario, British Columbia, Saskatchewan, New Brunswick, Prince Edward Island and Yukon have all signed on to participate. Alberta, which initially came out against the plan, has been softening its stance, while Nova Scotia — home to the regulator's new chairman — is said to be mulling it over.
     
    Black, who served as the president and CEO of Maritime Life and has sat on a number of boards, including the Bank of Canada's, says he plans to visit all of the provinces that have yet to get onboard over the next several months.
     
    "But I think this should be viewed as kind of a diplomatic mission just to assure them that the door's always open," he said, adding that he won't be employing any "high-pressure sales" tactics.
     
    Canada is the only country in the G20 that does not have a national regulator — a fact that can be attributed to the country's Constitution, which places securities regulation squarely in the realm of provincial jurisdiction.
     
    Proponents of a national regulator say that centralizing the process would cut red tape for publicly traded companies and for investors. They also claim it would give smaller jurisdictions access to a more robust regulatory regime.
     
    Opponents — including Quebec, which has launched a legal challenge against the latest proposal to create a national regulator — say Ottawa is attempting to seize power away from the provinces.
     
    The opposition to the plan has resulted in delays. In 2011, the Supreme Court ruled the plan unconstitutional, but hinted that structuring the regulator as a co-operative model — where provinces can choose whether or not to participate — would make the proposal fair game.
     
    The newest proposal, dubbed the Co-operative Capital Markets Regulator, has been created with the Supreme Court's ruling in mind, but despite that, Quebec has taken the plan to the Quebec Court of Appeal to rule on its constitutionality — a move that Black says he finds "puzzling."
     
    "Quebec can join or not join, it's entirely their choice," said Black. "I don't know why they should be offended that other provinces want to do some stuff together."
     
    The provincial ministers involved are hoping the agency will be fully operational in the fall of 2016. But in order for the plan to move ahead, both the federal government and the participating provinces will have to implement legislation.
     
    In addition, there is an "enormous amount" of operational integration that needs to occur between the provinces to make the new agency functional, said Black.
     
    "If it was only the operational integration, I would be fairly optimistic that we would get it done next year," he said, noting that the legislative process can be tricky to predict.
     
    "Whether (the deadline) is realistic or not, time will tell," said Black. "That's the one we're aiming for. We'll find out if it's realistic as we go forward."

    MORE National ARTICLES

    Drought Prompts B.C. First Nations Group To Close Central Interior Fishery

    Drought Prompts B.C. First Nations Group To Close Central Interior Fishery
    KELOWNA, B.C. — Drought conditions in British Columbia have forced the closure of another fishery in the province's southern Interior.

    Drought Prompts B.C. First Nations Group To Close Central Interior Fishery

    Indian Home Minister Rajnath Singh Holds Pakistan Responsible For Dinanagar Attack

      Holding Pakistan responsible for the July 27 Dinanagar terror attack, union Home Minister Rajnath Singh on Thursday said any attack by enemies will meet an effective and forceful response from the Indian security forces.

    Indian Home Minister Rajnath Singh Holds Pakistan Responsible For Dinanagar Attack

    Dutch Police Release Edmonton Murder Suspect Omar. J. Elkadry From Caribbean Island Jail

    Dutch Police Release Edmonton Murder Suspect Omar. J. Elkadry From Caribbean Island Jail
    In early June, Dutch authorities on the island of Saba arrested the man as a suspect in the death of the woman, whose body was found in April.

    Dutch Police Release Edmonton Murder Suspect Omar. J. Elkadry From Caribbean Island Jail

    Trial Off Until Next May For Man Charged In 2012 Quebec Election-night Shooting

    Trial Off Until Next May For Man Charged In 2012 Quebec Election-night Shooting
    MONTREAL — There has been yet another delay in the trial for the man charged in Quebec's 2012 election-night shooting.

    Trial Off Until Next May For Man Charged In 2012 Quebec Election-night Shooting

    Kinder Morgan Pipeline Opponents Furious About 'Chaotic' Review Process

    VANCOUVER — Opponents of Kinder Morgan's plan to boost capacity of its Trans Mountain pipeline across southern B.C., accuse the National Energy Board of once again changing key dates in the review process.

    Kinder Morgan Pipeline Opponents Furious About 'Chaotic' Review Process

    Pipeline Critics Await High Court's Green Light To Challenge Energy Board

    VANCOUVER — Opponents of Canada's big energy projects will soon learn if the country's highest court will consider an appeal that could drastically alter public participation in National Energy Board reviews.

    Pipeline Critics Await High Court's Green Light To Challenge Energy Board