CGA Alberta Applauds Court Challenge over National Securities Regulator

CALGARY, Dec. 18 /CNW/ - The Certified General Accountants' Association of Alberta (CGA Alberta) is applauding the Government of Alberta's decision to launch a court challenge of the federal government's efforts to create a national securities regulator.

"We fully support the efforts of the Alberta Government to question the jurisdictional rights of the federal government to force the development of a single regulator in Canada," said John Carpenter, MBA, FCGA, CEO of CGA Alberta. "Firstly, we do not support the justifications the federal finance minister espouses in his explanations for this attempt. Secondly, we have serious concerns about the consequences to Alberta business and the Alberta economy if this is allowed to proceed."

Carpenter said the current passport system, which all provinces except Ontario have joined, is well-designed to deal with the issues of harmonization, duplication, accountability and international representation. It also ensures a competitive environment which stimulates innovation, efficiency and effectiveness.

"My larger concern is over the likely outcome that we will develop a central-Canadian regulator who will not understand unique regional economic circumstances," Carpenter added. "Where would Alberta be without junior capital pools and their contemporary equivalents? The west, in particular, has unique business needs others do not understand and often will not accommodate. Local securities commissions are necessary for a response to those unique local needs and the arguments against them are full of hyperbole and unsubstantiated assumptions."

The Certified General Accountants' Association is responsible for the education, regulation and promotion of CGAs in Alberta. There are more than 73,000 CGA members and students working across the country and around the world, at every level and in every sector. CGA is the fastest growing accounting designation in Canada and is the designation of choice for students pursuing an accounting career in Alberta. For more information about CGA Alberta, please visit the web-site at www.cga-alberta.org

For further information: or to arrange an interview, please contact: Janice Harrington, Vice President, Communications and Government Relations, [phone]