TORONTO, May 26 /CNW/ - The Toronto Financial Services Alliance (TFSA) today expressed its support for the proposed Canadian Securities Act, introduced by Finance Minister Jim Flaherty.
"The need to comply with differing securities regulations in each province and territory continues to be a disincentive for global players in the financial services industry to locate here," said TFSA President Janet Ecker. "Canada is the only major industrialized country without consistent national standards in securities regulation. This will bring us in line with the rest of the world."
"If we wish to build our stature as a global financial centre hub, both in stature and in reality, this will be an important step," she said. The global community understands well the value of a strong and stable financial system and the recent financial market turmoil demonstrated the need for a sound regulatory framework and structure. If Toronto is to secure its place as such a hub, securities regulation must contribute to the integrity and stability of the financial system as a whole.
Most TFSA members already operate in multiple jurisdictions and currently face the increased cost and complexity of complying with multiple sets of rules and regular reporting requirements. The national regime proposed by the federal government will significantly ease the duplication and reduce the regulatory burden for everyone. At the same time, the TFSA is confident that the national set of standards will be rigorous and will protect investors across Canada.
"We appreciate the jurisdictional issues that need to be clarified, but this is the right time to move forward with these changes," said Ms. Ecker, "and we hope that all the provinces and territories will agree to sign on."
About the TFSA:
The Toronto Financial Services Alliance is a public/private initiative whose mandate is to enhance and promote the long-term competitiveness of Toronto as a premier North American financial services centre. Its membership encompasses core financial services companies - banks, brokerages, investment fund managers, insurance companies - as well as partner sectors - accounting, law and education. The TFSA was created in 2001 by the financial services industry, in partnership with the City of Toronto and with the support of the federal and provincial governments. For more information, please check our Website at www.tfsa.ca.
SOURCE Toronto Financial Services Alliance
For further information: For further information: Brian Smith, Tel. (416) 822-3130