Webcast of University of Toronto Roundtable on Creation of a National Securities Authority
The webcast of the roundtable discussion has been archived on the Faculty of Law's website:
"Last week, the Expert Panel on Securities Regulation, appointed by Finance Minister Jim Flaherty 10 months ago, released its final report. Citing the fact that Canada is the only developed country in the world that does not have an overarching regulatory body responsible for overseeing capital markets, the Report recommended the implementation of a single, national securities regulator. The new regulatory regime would be based on uniform objectives, guiding principles of regulatory conduct and a single securities Act."Speakers included University of Toronto associate dean of law Anita Anand, law professor Jeffrey MacIntosh, business lawyer Jeremy D. Fraiberg (Toronto office of Osler, Hoskin & Harcourt LLP), and constitutional scholar Peter W. Hogg.
"While Ontario and British Columbia support the creation of a single regulator, Alberta and Quebec remain opposed to the Report, arguing that the current passport system is sufficient and that a single body will intrude on the constitutional right and ability of individual jurisdictions to regulate their distinct capital markets. And with the Panel recommending the federal government take unilateral action to impose a new regulatory structure, following an opt-in transition period, some provinces are vowing to take the constitutional question to the Supreme Court."