Sask. to Accept Ottawa’s Joint Market Regulator Proposal

This article was last updated on April 16, 2022

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Canadian policymakers have barely been as rigid on one single issue as on the debate over who should regulate the country’s financial markets and what region would benefit. The federal financial minister, Joe Oliver, took control as the national securities watchdog from the late Jim Flaherty, who held the office since the Conservatives took power in 2006. Flaherty repeatedly pushed the provinces and territories to think bigger and consider formulating a single body to oversee the current patchwork of 13 regulators.

So far, only Ontario and British Columbia had agreed to take up Ottawa’s proposed Co-operative Capital Markets Regulator (CCMR), which was officially unveiled by Flaherty last fall. However, reports confirm that Oliver finally succeeded to motive Saskatchewan to take up the offer and join the fledgling CCMR on Wednesday. Meanwhile, it is widely expected that one or more of the Atlantic Provinces will come on board as well.

The president and CEO of the Investment Industry Association of Canada, Ian Russell, alleged that even with only one province agreeing to participate, the federal government will have the “critical mass” of regional support needed to go ahead with the CCMR. He explained that “you need at least three provinces to give you the critical mass that you need. And that would give you virtually 50 per cent of the capital markets.” Russell added that “there have been rumours for some time that at least one or two Atlantic Canada provinces have been leaning towards joining the cooperative regulator,” and “so, it may not be just Saskatchewan.”

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