The notion of a single securities regulator has been debated in Canada for more than 40 years. Today, we are the only nation in the 182-member International Organization of Securities Commissions without a single securities regulator.
In the course of discussions with various market participants, five substantive issues have been identified which warrant consideration:
1. The regulatory cost and efficiency concerns of small and medium sized issuers.
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2. How enforcement can be strengthened.
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3. There is a need for a single securities tribunal to adjudicate breaches of securities legislation in Canada.
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4. How competitive capital markets competitive capital markets can lower the cost of capital, attract foreign investors, improve liquidity for issuers, and enhance Canada’s economic prospects.
5. Canada has a window of opportunity to be an innovative world leader in capital market competitiveness by adopting principles-based securities laws. (as against solely rules-based) securities regulation.
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