VANCOUVER, Jan. 14 /CNW/ - CGA-Canada approves of the recommendations of
the Expert Panel on Securities Regulation in Canada to create a common
"CGA-Canada is pleased that the Expert Panel has recommended the creation
of a common securities regulator in Canada," said Anthony Ariganello,
President and Chief Executive Officer of CGA-Canada. "The proposed model will
improve regulatory efficiency and cut compliance costs, provide protection to
investors, improve internal trade, and improve confidence in and
accountability of our regulatory system."
Ariganello also noted that the panel addressed some key concerns put
forward by stakeholders. Regulation would be proportionate-based, which is
more appropriate given the size and nature of Canada's economy, and regional
offices would enable the new securities regulator to better respond to
As well, the association is pleased that the expert panel agreed with its
recommendation that a pan-Canadian regulator should have responsibility for
auditor oversight. This would ensure the appropriate level of accountability
and put Canada on an even footing with its main trading partners.
"However, we believe the federal government should seize the opportunity
to go beyond the panel's recommendations and address other institutional
issues such as reforming the framework for the setting of financial reporting
standards as proposed by CGA-Canada in its brief to the expert panel," said
Ariganello. "This would improve the legitimacy of and confidence in these
"The expert panel should be congratulated on setting out a good roadmap
to move forward," said Ariganello. "CGA-Canada believes strengthening
securities regulation in Canada will help to create an environment conducive
to investment. We applaud the government's initiative and look forward to
continuing federal leadership on these important issues."
CGA is the fastest-growing accounting designation in Canada. The CGA
designation focuses on integrity, ethics and the highest education
requirements. Recognized as the country's accounting business leaders, CGAs
provide strategic counsel, financial leadership, and overall direction to all
sectors of the Canadian economy.
The Association sets standards, develops education programs, publishes
professional materials, advocates on public policy issues, and represents CGAs
nationally and internationally. The Certified General Accountants Association
of Canada represents 71,000 CGAs and students in Canada, Bermuda, the
Caribbean, Hong Kong, and China.
For further information:
For further information: Taylore Ashlie, Director, Communications,
CGA-Canada, Telephone: (604) 605-5055, Cell: (604) 307-0212, Email: