Finance Minister Ralph Goodale said Wednesday that creating a single securities regulator is a priority because without one Canada is underequipped to deal with a financial scandal like Enron.

He said a new watchdog need not be a federal entity, but one created by combining the various existing regulators. Many provinces oppose the notion of a national securities commission. They have proposed a passport model of reform.

“If we in this country were faced suddenly with a situation like Enron, would we have the regulatory capacity in Canada to cope? The answer is probably no,” Goodale told reporters after pre-budget consultations in Toronto.

“The issue is real, the issue is urgent,” Goodale said. “I would like all of us to take a very serious look at the proposal for a single securities regulator.”

In December, the federally appointed Wise Persons’ Committee recommended that Canada adopt a single securities regulator.