May 26, 2010
WINDSOR – Ontario has long advocated for a strong, national securities regulator, so I am pleased to see that the federal government has released proposed legislation and is advancing the initiative to establish a Canadian Securities Regulator.
A common regulator will improve the efficiency of the capital markets in Canada and will facilitate better co-ordination of enforcement and investor protection.
I would like to commend the many groups who have worked hard to advance this important initiative: Minister Flaherty, the Canadian Securities Transition Office, the other participating provinces and territories, and the provincial regulators who have all contributed significant time and resources.
We have been working actively with all interested parties to achieve a strong national securities regulator that also reflects and promotes Ontario's interests. As an overwhelming proportion of capital markets activity occurs in Toronto, the structure of the new regulator needs to reflect that reality.
We support in principle the objective of clarifying the jurisdiction of the federal and provincial governments in relation to securities regulation. We will consider whether the province will play a role in the reference process and will make that determination in due course.
While there is still much work to be done, I am pleased with the progress that has been made so far. The McGuinty government looks forward to continuing to work with the federal government and other provinces and territories over the coming months on this important initiative.
FOR MEDIA INQUIRIES ONLY:
Alicia Johnston, Minister's Office, 416-325-3645
Scott Blodgett, Ministry of Finance, 416-325-0324
For public inquiries call 1-800-337-7222
(Toll-free in Ontario only)
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