Minister Duncan's statement on federal Expert Panel's recommendation to create a common securities regulator

    TORONTO, Jan. 12 /CNW/ -


    We received the final report of the federal Expert Panel on Securities
Regulation today and are examining it closely.
    I appreciate the panel's efforts and am pleased that it has endorsed
Ontario's long-standing support for a single regulator enforcing a single
securities act and charging a single fee.
    A common securities regulator is a key building block in solidifying
Canada's otherwise strong international reputation for excellence in the
regulation of our financial institutions.
    Our government supports a common securities regulator. Given the
significant role Ontario's financial sector plays in Canada's capital markets,
we would expect to see the headquarters located in Toronto.
    The city is home to most of Canada's investment and mutual fund dealers,
the executive offices of Canada's five largest banks, Canada's senior stock
exchange, the sole central securities depository and Canada's largest
provincial securities regulator.
    Toronto is the third-largest financial centre in North America, behind
only New York and Chicago, and the 12th most competitive financial centre in
the world. Situating the headquarters of a common securities regulator in the
city would only add to this global stature, benefiting all of Canada.
    The report provides a basis for interested parties to work together to
achieve a common securities regulator. We look forward to engaging with the
federal government and the other provinces and territories to address
important details and finalize a structure that makes economic sense for all
participants and enhances the competitiveness of Canadian capital markets.

                                                      Disponible en français

For further information:

For further information: Alicia Johnston, Minister's Office, (416)
325-3645; Scott Blodgett, Ministry of Finance, (416) 325-0324

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