Groups call for better co-ordination of securities rules across provinces

Investment management groups are pushing for better co-ordination on securities regulation across Canada that they say will strengthen capital markets and the economy.

The Portfolio Management Association of Canada and CFA Societies Canada say in a letter sent to the Canadian Securities Administrators that now is the time to push for greater harmonization of rules that has long eluded the country’s securities regulation.

The groups say significant differences exist through various provincial regulators, adding costs and complexities at a time where Canada needs to become more competitive.

They say the CSA should urgently develop a formal vision statement championing harmonization, and annual reports updating on progress.

Past efforts to create a single national securities regulator have failed, but the groups say there doesn’t need to be a new grand political project to achieve their goals, and that better alignment between provincial regulators can create more tangible progress.

The push for more harmonization comes as part of a wider effort to reduce interprovincial barriers and help Canada stand stronger as it faces hostility from the United States.

The Canadian Press

The Canadian Press is a national news agency headquartered in Toronto and founded in 1917.