David Wilson, chairman and CEO of Scotia Capital gave three reasons for the need for a national securities regulator in a speech to the Calgary Chamber of Commerce on Monday.

“When I consider the need to meet global best practices, investor protection, and economic efficiency, the case for a single regulator has never been stronger, said Wilson.

Wilson explained that the current regime of 13 different provincial and territorial regulators can’t deliver the highest global standards, the best possible investor protection or the maximum economic efficiency.

“Canada needs a new approach. There exists a window of opportunity to establish a true national securities regulator. And I would urge Canadian business and investors to carefully examine this issue and consider what system you feel is best,” he said.

Referring to the so-called passport model, which would allow companies to report in just one jurisdiction, Wilson said the passport system would only add to the confusion, as one set of rules gets interpreted 13 different ways.

Wilson added that a single regulator would deliver the most comprehensive framework for investor protection, and would improve Canadian capital markets through a boost in the efficiency of the capital raising process.

He referred to Canadian Bankers Association research that shows that many small issuers are inhibited from raising capital in multiple provinces.

He added that the proposed passport system would not fully eliminate existing economic inefficiencies. Local regulators would continue to charge fees for securities issuance in their provinces, even when oversight has been ceded to another province.

“The passport system would essentially retain most of the overhead and inefficiencies of the current system. In the battle for efficient capital markets, we should not settle for anything less than the best system for economic development and efficiently priced capital flows — a single regulator,” Wilson said.