Proponent of regulator confident Alberta will join

CALGARY — A vocal proponent of a Canada-wide market regulator says he’s optimistic Alberta will sign on to the idea once it gains momentum.

CALGARY — A vocal proponent of a Canada-wide market regulator says he’s optimistic Alberta will sign on to the idea once it gains momentum.

Ian Russell, head of the Investment Industry Association of Canada, acknowledges Alberta remains skeptical about the plan. But the province will likely feel pressure to join once the proposed watchdog gains “critical mass,” he said in an interview Monday.

Canada is an anomaly amongst its G7 peers because it has 13 separate provincial and territorial capital markets regulators, rather than a single national watchdog.

Ottawa’s push for a national securities regulator hit a wall in late 2011 when the Supreme Court ruled a federally-imposed regulator would encroach on provincial jurisdiction. So last September, the federal, Ontario and British Columbia governments took another run at the idea with a proposed voluntary, co-operative model.

Quebec remains a staunch opponent of the idea and Alberta is still unconvinced.

Russell expects that Saskatchewan, whose economic muscle has grown in recent years, will come on board soon, followed by some of the Atlantic provinces and perhaps Manitoba. That should be enough of a buy-in to get the Co-operative Capital Markets Regulator up and running about a year from now.

At that point, Russell said he expects Alberta won’t want to remain on the outside much longer.

“It would mean that large companies are going to have to register with the co-operative regulator as well as with the province. You’re now moving towards a structure for outlying provinces that’s less than efficient and then it starts to make more and more sense that those provinces should move together in the same direction as part of the national regulator,” he said.

“Up until now it’s been on paper, it’s been a theory, but the way the dynamics are going it is going to become reality and the outlying provinces need to think what that means.”

The proposed watchdog would be steered by a council of ministers, and beneath that, by a board of provincial and territorial appointees. Ottawa would be at the table, but would not have outsized influence, Russell said.

“I don’t think it’s well understood that the co-operative regulator actually provides a lot of regional autonomy to the provinces,” he said.

Just Posted

Police probe deadly shooting that left 3 dead, 12 wounded in Toronto’s Greektown

TORONTO — Three people died in a shooting rampage that took place… Continue reading

Alberta UCP Leader Jason Kenney says hateful comments won’t be tolerated

EDMONTON — Alberta United Conservative Leader Jason Kenney, addressing party friction over… Continue reading

One in seven sexual assault cases in 2017 deemed ‘unfounded’: Statcan

OTTAWA — Statistics Canada says some 3,900 sexual assaults reported to police… Continue reading

Child’s play at Westerner Days

Balloons bring out the child in everyone

WATCH: Gazebo groundbreaking in Waskasoo

Fifty per cent of the $100,000 project is funded by a provincial government grant

Fiat Chrysler is shaken without visionary CEO behind wheel

MILAN — Investors sent shares in Fiat Chrysler sliding Monday as they… Continue reading

HMCS St. John’s, Sea King return to Halifax port after overseas mission

HALIFAX — HMCS St. John’s and its 240-member crew pulled into their… Continue reading

Danforth rampage continues a deadly year of gun violence for Toronto

TORONTO — Sunday’s deadly rampage in Toronto marks the latest in a… Continue reading

Iran dismisses Trump’s explosive threat to country’s leader

TEHRAN, Iran — Iranians on Monday shrugged off the possibility that a… Continue reading

Americans in blended families cope with toll of deportation

BOCA DEL R\XCDO, Mexico — It’s almost as if Letty Stegall is… Continue reading

Residents flee forest fire near Greek capital of Athens

ATHENS, Greece — Residents fled their homes Monday as a swift-moving fire… Continue reading

Charming great white shark delights followers with return to waters off N.S.

HALIFAX — Hilton is back. The great white shark who stole the… Continue reading

Police probe deadly shooting that left 3 dead, 12 wounded in Toronto’s Greektown

TORONTO — Three people died in a shooting rampage that took place… Continue reading

Most Read


Five-day delivery plus unlimited digital access for $185 for 260 issues (must live in delivery area to qualify) Unlimited Digital Access 99 cents for the first four weeks and then only $15 per month Five-day delivery plus unlimited digital access for $15 a month