Lobbying effort against the proposed national watchdog has gotten stronger as four provinces are now officially joining Québec and Alberta in opposing the federal government’s plan.
B.C., Saskatchewan, Manitoba and New Brunswick have decided to fight Ottawa’s plan for a national securities regulator.
The Fédération des chambres de commerce du Québec (FCCQ) and the Alberta Chambers of Commerce (ACC) are confident the tide has turned against the federal proposal for a national securities regulator.
Both provincial chamber federations consider a completely harmonized passport model a better alternative because a well-monitored, coordinated regulatory system best serves and reflects the diversity of Canada’s regions.
“Retaining and streamlining the passport system provides business with stability and predictability in this time of economic recovery,” says Françoise Bertrand, FCCQ’s president and CEO and head of the Québec coalition against the creation of a single national securities regulator.
It is contended that not only would this project hurt the business sector in the long term, it would also create turbulence on the markets in the coming years.
ACC and the FCCQ have long supported their respective provincial governments’ challenges to the constitutionality of the federal government’s plan to establish a single national securities regulator.
“The passport system will allow us to retain a measure of control over our own regional economic issues,” says Ken Kobly, president and CEO, ACC. “There are some different needs in this province that we don’t think would be accommodated through a one-size-fits-all national securities regulator.
“I don’t think the business community is served well by retrenching and regrouping the control over securities and centralizing it in Eastern Canada.”