Originally published in the November issue of The Update: Corporate Securities
Harold MacKay, Chairman of an earlier Task Force examining Canadian Financial Institutions, was asked in October, 2002 by John Manley, Deputy Prime Minister and Minister of Finance to recommend the process to determine the best securities regulatory system for Canada.
Mr. MacKay has responded promptly and provided some hope to those who have consistently despaired of Canada’s regionally disparate and functionally separate Provincial regulatory regimes.
Mr. MacKay concludes succinctly that Canada’s securities regulatory system must be improved significantly, and in a prompt fashion.
He notes that there are over 40 financial regulators, including selfregulatory organizations, in Canada while in Australia there are now two and in United Kingdom one.
