LA MALBAIE, QC, June 12 /CNW Telbec/ - The Investment Industry
Association of Canada announced today its official support of a common
regulator. "Without a common regulator, we have no national objectives, and no
national strategy to attract capital to Canada. We currently have a national
market yet operate under provincial and territorial regulations, which puts us
at a unique disadvantage to compete internationally", said Bill Hatanaka,
Chairman and CEO, TD Waterhouse Canada Inc. and outgoing Chair of the
Investment Industry Association of Canada at the Association's annual
conference, held at La Malbaie.
"A common regulator would provide the flexibility and cost-effectiveness
to respond to fast-moving and innovative global markets. A common regulator
that is responsive to the needs of regional and small businesses would also
provide the catalyst to move to a more principles-based regulation," continued
While commending the Canadian Securities Administrators (CSA) for the
important role they play and the significant contribution they make, he said,
"The CSA is not a viable system for a single national regulator. ... it is
unrealistic to expect that the operation of multiple regulators within the CSA
can match the efficiency that a common securities regulator would provide".
William Hatanaka's comments were presented to investment industry
executives attending the Association's annual conference. Ian Russell,
President of the Investment Industry Association, spoke to the Conference on
the need to streamline and simplify the regulatory regime for its member
"Right now, our regulatory regime is anything but efficient or effective.
In fact, complex and overwhelming might be better ways to describe the
regulatory labyrinth our member companies must navigate", said Russell.
"The way ahead for us lies in simplifying our regulatory environment. If
we can streamline everything we do: our rules, approach, compliance and cost
structure, we will not only create new levels of efficiencies, but in doing
so, will improve the regulatory process and drive down costs."
Hatanaka and Russell both recognized the Investment Industry
Association's role and interest in working collaboratively with regulators and
SROs to achieve the desired objectives and create fair and efficient capital
The Association's Annual Conference is taking place at La Malbaie June 11
The Investment Industry Association of Canada, formerly the industry
association arm of the Investment Dealers Association of Canada (IDA),
advances the position of the Canadian investment industry on regulatory and
public policy issues. As the professional association for the industry, the
Investment Industry Association has a mandate to promote efficient, fair and
competitive capital markets for Canada while helping its member firms across
the country succeed in the industry.
Copies of Bill Hatanaka's remarks and Ian Russell's remarks are available
on line. www.iiac.ca
For further information:
For further information: Cathy Kurzbock, Hill & Knowlton, (416)