Advisors, investors and markets would all benefit from a single national regulator, says IIAC in its recent newsletter.
So, the organization has outlined the regulatory problems Canada faces under its current regime. In a table including ten categories, such as registration matters and enforcement, IIAC looks at why a national regulator is the solution to several key challenges.
For example, we currently have 13 separate, provincial regulators that use Securities Acts that are only partially harmonized. When it comes to proficiency requirements of advisors, says IIAC, “regulators in each jurisdiction may have different views or interpretations of the rules, which can result in delays in obtaining registration [in multiple jurisdictions].”
Further, enforcement of regulations across provinces is inefficient, given Commissions often struggle to launch coordinated investigative efforts. That’s a problem since “many contraventions involve inter-provincial securities distributions,” says IIAC. —Advisor.ca