The national securities regulator: A federal travesty, article published in the Financial Post, May 20, 2010
Date:
May 20 2010
The federal initiative embodied in the Canadian Securities Regulation Regime Transition Act and subsequent publication of a draft Securities Act to create a national securities regulator gives the impression that the case has been heard and that there exists no valid reason not to proceed forthwith. But that case does not rest on solid empirical evidence. On the contrary, the empirical evidence shows that the performance of the Canadian securities regulatory regime is superior to what is observed in other countries and, consequently, centralization of the regulatory apparatus is more likely to produce inferior results.