Mr. Speaker, I thank my colleague for the question.
I was one of the members of the Standing Committee on Finance who went to Washington recently, where comments were made to the effect that, in Canada, there are some who would like to see the establishment of a single securities regulator. However, not all the evidence has been heard. I remain convinced that since the federal government is only presenting one option and the virtual advantages of creating a sole securities regulator to our American partners, without presenting a complete analysis of what is currently in place and the assessments of the current system, those indicating their desire for the creation of a single securities commission in Canada cannot have all the facts.
A 2007 IMF report indicated the following:
Canada’s financial system is mature, sophisticated, and well-managed.
Canada has established a highly effective and nearly unified regulatory and supervisory framework.
The regulatory framework for the securities market exhibits a high degree of implementation of the IOSCO Principles.
In the largest provinces at least, the regulatory authorities are independent and self funded, have sufficient resources and skilled personnel, and are clearly accountable to the government.
The framework for issuers, self regulatory organizations (SROs), market intermediaries, and secondary markets is robust.
Significant improvements to the regulatory system have been made as a result of the creation of the Canadian Securities Administrators (CSA), including those that will be brought about by the implementation of the passport system [The report was prepared in 2007.].
Under the umbrella of the CSA, coordination between the 13 regulatory agencies has significantly improved.
Issuers, CIS, and registrants are the areas where more progress in coordination and harmonization have been achieved.
The passport system, which is currently being implemented, will further rationalize the regulatory system for issuers—