Even with only two provinces onboard so far, the newly created co-operative securities regulator will have many benefits for the entire Canadian economy, according to Ontario finance minister Charles Sousa.
The new regulator brings “transformational change,” said Sousa at the Investment Funds Institute of Canada’s (IFIC) annual conference in Toronto on Wednesday, and will help to strengthen Canada’s regulatory reputation and the national economy.
First announced in September of this year, the co-operative securities regulator is the result of an agreement made between Ontario, British Columbia and the federal government. (See Investment Executive, Regulation: Stuck in neutral?, Mid-October, 2013).
With Ontario and B.C. on board, Sousa said roughly two-thirds of the Canadian securities industry will be working under the new partnership.
In addition to giving the economy a boost, Sousa said the agreement will help make Canada more competitive globally, decrease costs, improve efficiencies and attract more investment in the country.
The new regulator will be headquartered in Toronto but regional offices will also be set up, said Sousa, to ensure each jurisdiction has a voice.
Moving forward, the remaining provinces and territories should sign on with the new co-operative regulator, said Sousa.