MONTREAL, Feb. 18 /CNW Telbec/ - With now officially four provinces
joining Québec and Alberta in opposing the federal government's plan to
create a national securities regulator, the Fédération des chambres de
commerce du Québec (FCCQ) and the Alberta Chambers of Commerce (ACC)
are confident the tide has turned against the federal proposal.
ACC and the FCCQ have long supported their respective provincial
governments' challenges to the constitutionality of the federal
government's plan to establish a single national securities regulator.
Both provincial chamber federations consider a completely harmonized
passport model a better alternative to creating a national securities
regulator because a well-monitored, coordinated regulatory system best
serves and reflects the diversity of Canada's regions.
Furthermore, "retaining and streamlining the passport system provides
business with stability and predictability in this time of economic
recovery," says Françoise Bertrand, FCCQ's president and CEO and head
of the Québec coalition against the creation of a single national
securities regulator. Said another way, not only would this project
hurt the business sector in the long term, it would also create
turbulence on the markets in the coming years.
"The passport system will allow us to retain a measure of control over
our own regional economic issues," says Ken Kobly, ACC's president and
CEO. "There are some different needs in this province that we don't
think would be accommodated through a one-size-fits-all national
"Regulators located in Alberta know the distinctive issues businesses
face when trying to raise capital here," adds Kobly. "I don't think the
business community is served well by retrenching and regrouping the
control over securities and centralizing it in Eastern Canada."
About the ACC
The Alberta Chambers of Commerce is a federation of 124 Chambers of
Commerce in Alberta representing over 22,000 businesses.
About the FCCQ
With its wide network of over 150 chambers of commerce, the FCCQ
represents more than 40,000 businesses and 100,000 business people
involved in all sectors of the economy throughout Québec. The FCCQ
strongly supports its members' interests in matters of public policy,
thus promoting an innovative and competitive business environment.
SOURCE FEDERATION DES CHAMBRES DE COMMERCE DU QUEBEC
For further information:
Ken Kobly, President and CEO
Alberta Chambers of Commerce
Fédération des chambres de commerce du Québec
514-844-9571, poste 3242