Provincial regulators should work towards a national solution for the regulation of capital markets in Canada, said Dina Palozzi, executive vice president, Client Relations, BMO Nesbitt Burns.

Speaking to the Joint Forum of Financial Market Regulators in Montreal, Palozzi said that a more harmonized regulatory framework across Canada is essential.

Since securities regulation is a provincial responsibility, Palozzi said there is no one to speak on behalf of the entire Canadian capital markets on issues of international importance.

There is a need for the country to speak with a single national voice if it is to be taken seriously on the global stage, Palozzi warned. “If we do not address the larger issue of how Canada can compete internationally, we will lose ground in growing the value of our capital markets.”

Palozzi, a former head of the Financial Services Commission of Ontario, also said that creating more rules does not necessarily ensure better consumer protection.