I truly hope for a single securities regulator. I've dealt with the securities commissions across the country for 20 years. They are dysfunctional at best, and at worst, they are complicit in the granting of legal exemptions to industry agencies.
If this gentleman makes a complaint to any securities commission in Canada, the doors are closed to him. He is referred to a self-regulatory agency that has no statutory authority. He's referred to an investment dealers association or a mutual fund dealers association. He's told at the front door of a crown corporation in every province of this country that he's not welcome and that he's to go to membership associations to deal with this problem. Typically his problem is not solved, yet any corporation in Canada can walk in and apply for an exemption and freely skirt the laws of our country. The doors are wide open.
It's a very badly structured two-tier system that serves the industry and does no service to the public, in my opinion.