Québec’s Minister of Finance Michel Audet reiterated that the provincial government has no interest in a national securities regulator.

Audet noted that the Québec government “has on many occasions indicated its disagreement with such an organization.” He adds that this position has been reinforced since the Organization for Economic Co-operation and Development recently ranked Canada second in terms of its securities market regulatory system.

The Minister of Finance noted that the model proposed by the Crawford Panel implies setting up an organization with a cumbersome and complex structure, which is at odds with the provinces’ objective of simplification and harmonization.

Instead, he continues to support the passport system. In September 2004, the ministers responsible for securities regulation of all jurisdictions other than Ontario signed a memorandum of agreement to set up a passport system that aims to provide single-window access to the provincial system. “I have looked at the report and I reiterate my support for the passport system embraced by all the provinces and territories in Canada except Ontario,” Audet said.

“I was pleased not only to note that the participants in the consultation held by the Crawford Panel consider the passport system to be an important measure that should be allowed to achieve its full potential, but also in that regard, Ontario should participate by joining the other signatory provinces,” he explained.

He also added that at the next meeting of the Committee of Ministers, to be held in Toronto next week, he intends to once again ask Ontario’s to join the passport system.