Canadian Bankers Association

Canadian Bankers Association

November 19, 2008 16:27 ET

Speech from the Throne: Fitting steps for Canada During Global Economic Turmoil-Canadian Bankers Association

Common securities regulator needed

TORONTO, ONTARIO--(Marketwire - Nov. 19, 2008) - The Canadian Bankers Association (CBA) fully supports the federal government's commitment to a common securities regulator in Canada as announced in today's Speech from the Throne. This step, along with other recent initiatives to facilitate credit markets in Canada, indicates that the government continues to take an appropriate and measured approach to deal with the global economic situation.

"There have always been good reasons to create a common securities regulator, but the recent international financial market turbulence has made these reforms more crucial than ever," said Nancy Hughes Anthony, President and CEO of the Canadian Bankers Association. "Moving to a common securities regulator will enhance efficiency, increase confidence in our capital markets, and strengthen our ability to respond to rapid changes in the capital markets. We're lagging behind at a time when we can least afford to."

Research conducted by the CBA has found that individual investors outside of British Columbia, Alberta and Ontario are limited in their ability to participate in initial public offerings. It also found that a move to a common securities regulator would reduce the cost of raising capital, a burden that falls disproportionately on small- and medium-sized businesses.

"We commend the federal government for the direction it is taking to adopt a common securities regulator for Canada," said Ms. Hughes Anthony. "When international securities regulators sit down to deal with this economic turmoil, Canada needs a single voice at the table. Our fragmented regulatory system is out of step with the rest of the world, and it's time that we moved into the twenty-first century."

More information on the CBA's research can be found in the Association's July 2008 submission to the Expert Panel on Securities Regulation at the following link:

The Canadian Bankers Association works on behalf of 51 domestic chartered banks, foreign bank subsidiaries and foreign bank branches operating in Canada and their 257,000 employees to advocate for efficient and effective public policies governing banks and to promote an understanding of the banking industry and its importance to Canadians and the Canadian economy.

Contact Information

  • Canadian Bankers Association
    Andrew Addison
    (416) 362-6093, ext. 220 or Cell: (416) 587-7733