The government of Ontario has added its voice to the chorus of parties calling for a national solution to securities regulation.

“Effective securities regulation is key to investor protection and efficient, vibrant and competitive national and local capital markets,” said Finance Minister Janet Ecker in a statement released ahead of the provincial finance ministers’ consultations on Securities Regulatory Reform opening in Toronto and carrying on through July 14 and 15.

“The Eves government strongly supports efforts to move toward national securities regulation, which would help reduce barriers faced by issuers and registrants wishing to access markets in more than one jurisdiction in Canada.”

The Steering Committee of Ministers responsible for securities regulation, which includes British Columbia, Alberta, Saskatchewan, Manitoba, Ontario and Quebec, is consulting with third parties on a proposal intended to provide improved access to capital markets.

Established in February 2003, the committee is working toward developing an action plan by the fall of 2003. Consultations have already been held in Vancouver, Calgary, Winnipeg, Montreal and Halifax.

“There is a tremendous opportunity in Canada to reform regulation of our securities market in ways that will attract significant new investments to our country,” said Ecker. “Our government believes it is critical to reduce regulatory overlap and duplication in the securities area. To be truly attractive to international investors while protecting both our investors and the integrity of our markets, we need harmonized securities laws and more national regulation. Our goal is to have a practical, provincially led, national system of securities regulation that will ensure healthy capital markets that benefit the people of Ontario and the rest of Canada.”