The Canadian Bankers Association has filed a submission with the Supreme Court of Canada in support of the federal government’s move to create a national securities regulator, the banking industry lobby group said Tuesday.

In its filing, the CBA argues that the federal government has the power to create a national regulator.

The CBA also points out that three independent committees — the Wise Persons’ Committee in 2003, the Crawford Panel in 2006, and the Hockin Panel of 2009 — have all concluded that the fragmented system of provincial securities regulation is a concern, and that a national regulator is required.

“A single, Canadian regulator will offer improved investor protection and greater efficiencies in capital markets and will reduce the cost of raising capital for businesses of all sizes across the country,” said Nancy Hughes Anthony, president and CEO of the CBA, in release.

“For many years the CBA has advocated for a more efficient and effective securities regulation, with the strong belief that a national regulator would benefit all Canadians.”

The CBA has intervener status in the Supreme Court case. It is scheduled to hear arguments in mid-April.

IE