At today’s symposium on national securities regulation in Toronto, Carmen Crépin, chair of the Commission des valeurs mobilières du Québec said that a single securities commission is not the solution to improving Canada’s financial market.

During her speech, Crépin explained that a single Canada-wide regulatory body would not necessarily simplify processes, cut delays or reduce costs. On the contrary, it would impose a “one-size-fits-all” regulatory model that is out of touch with the market and could undermine the importance of regional initiatives.

According to Crépin, it is vital that provincial securities commissions be preserved because they are essential economic development tools. Supporters of a pan-Canadian commission may not have the same interests as Québec, and may not necessarily promote its development, she added. Furthermore, in the past, the existence of a single commission would not have favoured initiatives such as the Quebec Stock Savings Plan or the capitalization of Caisses populaires Desjardins.

The current jurisdiction of the commissions makes it possible to develop policies and rules that actually meet the needs of all the markets concerned, both local and pan-Canadian. It also enables them to be integrated into the economy of the Americas. Crépin reiterated that securities are under provincial jurisdiction in the Canadian constitution.

Throughout the debate, Crépin emphasized that Quebec’s unique features must also be taken into account:.

In her speech,Crépin recognized that the current system is not perfect but that it can be improved upon, while respecting the existing jurisdictions. She stated that the Canadian Securities Administrators have devoted a great deal of effort in the harmonization process in order to eliminate duplication, simplify the process and improve enforcement activities.

Crépin concluded that “in regulatory issues, as in most cases, there is no preconceived, universal model that should apply indiscriminately to all. In other words, the solutions to our real problems in matters of securities and financial market regulation remain largely independent of our organizational structures.”