By James Langton
(June 14 – 14:30 ET) – The idea that would not die, a national securities commission, was revived again today by Joe Oliver, president and CEO of the Investment Dealers Association in Toronto.
In a speech to the IDA’s annual conference Oliver called for a crystallizing of the so-called “virtual” national securities commission that has been established between provincial regulators. “The CSA initiatives toward mutual reliance have been very constructive. Let’s build on that success by taking the next step — a more formalized CSA,” he said. He suggested specific powers could be delegated to the CSA by the provincial regulators and their governments, enshrining it with greater power of its own to operate nationally. Oliver pointed to the European experience as an example of how effective oversight can be unified without eliminating jurisdictions.
He also pointed to the proposed merger of the Ontario Securities Commission with the Financial Services Commission of Ontario as another positive regulatory convergence, predicting, “Other provinces are likely to follow.”
At the international level, Oliver also noted that the International Organization of Securities Commissions has agreed in principle to adopt international accounting standards, a move that once implemented should smooth cross-border financing and enhance globalization.