The chairman of the Investment Dealers Association of Canada, has come out harshly against British Columbia’s proposed new securities act.

Speaking to the Canadian Club of Toronto Monday, Kym Anthony, who is also president and CEO of National Bank Financial Inc., said that the current regulatory system is less than ideal. “The IDA, which is a ‘national body’ desires to see a cost-efficient, harmonious and consistent approach to securities regulation in this country,” he said. “The existing system, as it currently operates, does not meet these criteria… we need a more streamlined and consistent regulatory framework than we have today.”

While the IDA has consistently refused to explicitly support a particular regulatory model, Anthony did single out B.C.’s proposals, saying they would make it even more difficult to achieve a cost-efficient, streamlined system. “Regional differences need to be respected, to be sure, but a fundamentally different approach to securities legislation in one province makes all of our tasks more difficult,” he said.

“The final choice of structure for securities regulation in Canada will be a political decision, of course. The IDA’s only hope is that once this election is over, that this issue hits the political agenda and whatever is decided represents a significant move forward,” Anthony said.

Anthony said that the markets face many challenges. “The capital markets will have to respond to the looming pension gap driven by the demographic locomotive, issues of our national security remain, strains on government budgets, health care, etc. With leadership, goodwill and compromise for the greater good, I believe that we will be successful,” he concluded.