The debate goes on as former head of the Montreal Stock Exchange, Pierre
Lortie and Investment Industry Association of Canada Chief, Ian Russell
debate the issues in Toronto.
TORONTO, Sept. 10 /CNW Telbec/ - Should Canada have a single national
securities regulator or a passport system with more than one entity?
Centralized or decentralized?
The issue: Currently trading regulations in Canada is handled by
13 separate provincial and territorial bodies that have created a process for
mutual recognition and harmonization of rules know as the "passport system".
Financial Minister Jim Flaherty is pushing for a single regulator while
all the provinces except Ontario have implemented phase II of the Passport
System. Some provincial securities regulators have begun discussions with the
U.S. Securities and Exchange Commission. Each camp is advancing its agenda.
The Montréal Economic Institute has asked two prominent advocates to
debate the merits of the options in Toronto.
Who: Pierre Lortie :
For: The Passport System
Senior Business Advisor, Fraser Milner Casgrain
& former President and CEO, Montreal Stock Exchange
Ian Russell :
For: A single national securities regulator
President & Chief Executive Officer
Investment Industry Association of Canada
Marcel Boyer: Moderator
President & Chief Economist of the MEI
What: Luncheon Debate
Canadian securities: Single regulator or the passport system?
Date: Wednesday September 17, 2008
Time: 11:45 AM to 2:00 PM
Debate starts 1PM
Where: Sheraton Centre Toronto Hotel
123 Queen Street West
Which type of system-centralized or decentralized- would help reconcile
the preferences and interests of investors and issuers most effectively and at
the lowest cost?
The Single System: The Federal government and Ontario want to replace the
current passport system with a single national body. A single system they
believe will ensure uniform standards and regulations across Canada; provide
more accounting; let issuers and investors benefit form economies of scale;
and assume a more direct role as Canada's spokesperson in the international
harmonization of securities regulation.
Passport System: The passport system-essentially is a free trade
agreement based on mutual recognition of regulatory systems. Canadian
provinces and territories except Ontario have implemented Phase II of the
The passport system is seen as a way to encourage efficiency, stimulate
the discovery of more appropriate forms of regulation, and respect local
For further information:
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Communications, Montreal Economic Institute, (514) 273-0969 #2225, Cell: (514)
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