FAIR Canada filed its affidavit with the Supreme Court of Canada (the SCC), in connection with the April 2010 reference being heard by the SCC.
The affidavit affirmed FAIR Canada’s position that the current patchwork system of securities regulation does not adequately protect retail investors across Canada. Included among the problems identified were:
- watered down and delayed policy initiatives due, at least in part, to the consensus model of securities regulation requiring agreement among 13 provincial and territorial regulators,
- inadequacy of the enforcement regime under the current fragmented system, and
- obstacles that are faced internationally when foreign jurisdictions are asked to negotiate with more than one central securities regulator.
FAIR Canada believes that the creation of a national securities regulator, with investor protection as its top priority, will provide greater protection for retail and other investors, while at the same time ensuring that the Canadian securities market operates as efficiently as possible.
