TORONTO, July 13 /CNW/ - The Toronto Financial Services Alliance (TFSA) today welcomed the report of the Canadian Securities Transition Office presenting recommendations on the governance and organization of the proposed national securities regulator.
"This brings us one step closer to making a national regulator a reality," said TFSA President Janet Ecker. "Accomplishing this is very important to the financial services industry and to Canada. At a time when financial reform is being debated around the world, a strong national voice is needed more than ever - we saw what a unified voice could do during the G-20 discussions about a global bank tax. We can't do the same for securities regulation as long as we have this balkanized approach."
Canada is the only developed economy without a national securities regulator.
While Ms. Ecker understood the political sensitivities that prompted the Transition Office to recommend a decentralized structure for the organization, she strongly urged the federal government to consider establishing the agency's headquarters in Toronto.
"Toronto is Canada's financial capital. Most securities transactions take place here. Our major financial players are headquartered here. This is where most of the people who work in the securities industry live," she said. "While regional offices and local decision-making are important, we remain convinced that the organization needs a head office and it should be located here.
"We recognize the political sensitivities of this, but our members believe this should be a pragmatic business decision, not a political one," she added.
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 global 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 visit our Website at www.tfsa.ca.
SOURCE Toronto Financial Services Alliance
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