An immediate review of the national regulatory framework should be undertaken to enable investment counsel and portfolio managers to be more competitive by simplifying the manner by which they are registered and monitored, says the Investment Counsel Association of Canada.

ICAC has released a position paper on a national regulatory system after canvassing several alternatives to the present system. The paper sets out its view of the various options.

A copy of the paper has been sent to the Chairs of all securities commissions in Canada, the provincial Ministers to whom the commissions are responsible and to the federal Finance Minister. It has also been provided to Harold McKay, the Finance Minister’s Special Representative appointed to recommend an appropriate process to determine the
best regulatory system for Canada.

ICAC says, “the time has arrived where the decades-old discussion about a different system must and can be resolved. With good faith and a political will to make Canada more competitive internationally, identifying an alternative to the present system can actually be achieved.”