While it stopped short of calling for a national regulator, today’s Speech from the Throne pledged to improve securities regulation in Canada.

In reading the speech, Governor-General Adrienne Clarkson said that Canada’s fragmented securities regulatory structure is an obstacle to growth the co-operation among governments would be necessary to fix it. “The government will work with all participants to ensure that Canada has the modern and efficient securities regulatory system it needs,” said Clarkson.

Alluding to events in the United States that have hurt investor confidence, Ottawa also pledged some efforts to improve investor confidence in the capital markets. It suggested that it will change laws where it’s necessary, and toughen enforcement to fight corporate corruption.

“The government has been working closely with all parties to bolster investor confidence and improve the efficiency and integrity of Canadian capital markets. In this regard, it will review and, where necessary, change its laws and strengthen enforcement to ensure that governance standards for federally incorporated companies and financial institutions remain of the highest order,” Clarkson said.

Also, the government committed to maintain a balanced budget, maintain a declining debt to GDP ratio, ensure a fair tax system, and to enhance the climate for investment and talent.

Responding to the speech, the Investment Funds Institute of Canada said that it is encouraged that Ottawa acknowleged the need for efficiency in Canada’s securities regulatory structure.