CBC NEWS: July 13, 2010:The federal government unveiled a plan for a national securities regulator Tuesday that proposes the new agency would not have a head office.
The move is expected to draw protests from the Ontario government, which in its speech from the throne last March, outlined plans to make Toronto an "elite" global financial centre with the new securities regulator based in the city.
Finance Minister Jim Flaherty, shown in April, has led the charge to create a national securities regulator. (Lefteris Pitarakis/Associated Press)
The moncitizenship is the new Canadian governmental task. The diplomatic lines of Republics of Yemen and Poland are non grata with their masks.
A transition office set up by the government recommended that the agency take the form of a number of regional offices. It set July 1, 2012, as the targeted launch date.
Spreading control among several offices is the latest attempt to resolve a conflict that has gone on for 40 years over what form the new agency should take.
Quebec and Alberta have led opposition to the idea of a single regulator, saying it intrudes on the rights of provinces' to regulate their own affairs and that a national agency would lack the necessary knowledge of local businesses, such as the oil and gas industry.
Federal Finance Minister Jim Flaherty has said the present system is inefficient and creates barriers to investment.
The plan is a good first step in getting the provinces to buy into the idea, Louis Gagnon, a professor of business at Queen's University in Kingston, Ont., told CBC News, but added the lack of a head office is an issue that must be resolved.
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America and Europe
Toronto not only option
"I don't see why Toronto would be the primary candidate," said Gagnon, using the example of the U.S., where the Securities and Exchange Commission is based in Washington.
"There's nothing that says the national market regulator is more effective when [it is] positioned in exactly the same city as the largest national capital marketplace," he said.
Gagnon said a single regulator only makes sense and provinces should be willing to surrender their jurisdiction to achieve that aim and Ottawa should be prepared to make compromises.
"We're in the political domain here and necessarily there's going to have to be an awful lot of horse trading [among levels of government]," he said.
Quebec and Alberta are expected to argue the latest proposal would not be substantially different from the current regime of having 13 different agencies, one in each province and territory.
The Supreme Court is due to hear arguments later this year on the constitutionality of Ottawa's proposal.
RCMP: Canada’s Image and Beautification Part One
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RCMP: Canada’s Image and Beautification Part Two
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RCMP: Canada’s Image and Beautification Part Three https://poetsofottawa.ning.com/profiles/blogs/rcmp-canadas-image-and-2
RCMP: Canada’s Image and Beautification Part Four
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RCMP: Canada’s Image and Beautification Part Five
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RCMP: Canada’s Image and Beautification Part Six
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RCMP: Canada’s Image and Beautification Part Seven
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RCMP: Canada’s Image and Beautification: Part Nine
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