Since I last addressed the Standing Senate Committee on Banking, Trade and Commerce in October 2002, Canadians have been hotly debating what we should do to improve our system of securities regulation.
Some things have changed. We now have a federal Wise Persons’ Committee deliberating on the appropriate structure and philosophy of Canada’s securities regulation. We have provincial ministers discussing a provincially-led solution to these issues.
Other things have not changed. Regulators and government officials in Ottawa and Toronto continue to advocate more rules and a US-style of regulation based on Sarbanes-Oxley. Regulators in all provinces are working on a proposal for uniform legislation, which would keep our current requirements but eliminate most of the differences between provinces. And the British Columbia Securities Commission continues to advocate an attack on the excessive volume and complexity of our securities laws...