Québec and Alberta Chambers of Commerce wonder how can the government still go ahead on securities regulation

MONTREAL, Feb. 18 /CNW Telbec/ - With now officially four provinces joining Québec and Alberta in opposing the federal government's plan to create a national securities regulator, the Fédération des chambres de commerce du Québec (FCCQ) and the Alberta Chambers of Commerce (ACC) are confident the tide has turned against the federal proposal.

ACC and the FCCQ have long supported their respective provincial governments' challenges to the constitutionality of the federal government's plan to establish a single national securities regulator. Both provincial chamber federations consider a completely harmonized passport model a better alternative to creating a national securities regulator because a well-monitored, coordinated regulatory system best serves and reflects the diversity of Canada's regions.

Furthermore, "retaining and streamlining the passport system provides business with stability and predictability in this time of economic recovery," says Françoise Bertrand, FCCQ's president and CEO and head of the Québec coalition against the creation of a single national securities regulator. Said another way, not only would this project hurt the business sector in the long term, it would also create turbulence on the markets in the coming years.

"The passport system will allow us to retain a measure of control over our own regional economic issues," says Ken Kobly, ACC's president and CEO. "There are some different needs in this province that we don't think would be accommodated through a one-size-fits-all national securities regulator.

"Regulators located in Alberta know the distinctive issues businesses face when trying to raise capital here," adds Kobly. "I don't think the business community is served well by retrenching and regrouping the control over securities and centralizing it in Eastern Canada."

About the ACC
The Alberta Chambers of Commerce is a federation of 124 Chambers of Commerce in Alberta representing over 22,000 businesses.

About the FCCQ
With its wide network of over 150 chambers of commerce, the FCCQ represents more than 40,000 businesses and 100,000 business people involved in all sectors of the economy throughout Québec. The FCCQ strongly supports its members' interests in matters of public policy, thus promoting an innovative and competitive business environment.


For further information:

Ken Kobly, President and CEO
Alberta Chambers of Commerce

Marc Poisson
Fédération des chambres de commerce du Québec
514-844-9571, poste 3242
514-616-7691 (cellulaire)

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