Mr. Speaker, we are an investing country. Canadians own RRSPs, mutual funds and registered retirement plans. These nest eggs represent Canada's financial future and they deserve the strongest protection possible.
Today, the finance minister released a proposed Canadian securities act, an act that will reduce unnecessary compliance costs, helping give Canada a competitive advantage, and attracting new investments and creating new jobs in this country.
We are asking the Supreme Court to confirm that the act is constitutional and does not infringe upon provincial jurisdictions.
A national securities regulator is exactly what the Earl Jones victims committee, the IMF, the OECD, and dozens more have long demanded. Canada is the only industrialized country without a national regulator, a glaring gap in an otherwise world-leading financial system.
The global financial crisis has shown the dangers of uncoordinated regulations. Canadians deserve better than to have 13 separate regulators in 13 separate jurisdictions.