MEDIA ROOM
Media Release FOR IMMEDIATE RELEASE |
December 22, 2011 |
Supreme Court’s opinion only slows down efforts to
establish a national securities regulator
Toronto – The Supreme Court of Canada’s opinion on the constitutionality of a national securities regulator does set back the federal government’s efforts, but the idea is not dead. So says Advocis, The Financial Advisors Association of Canada.
“Reports of the death of a national securities regulator have been greatly exaggerated,” said Greg Pollock, President and CEO of Advocis, The Financial Advisors Association of Canada. “The opinion released today sets clear boundaries for all parties in any negotiations. The justices have indicated that there is room for the federal and provincial governments to work cooperatively on this project.”
Advocis’ preliminary review of the opinion notes that securities reform on a national level remains possible. The Supreme Court stated that the act “as written” went too far, but it also noted that the federal government is not excluded from securities laws and regulations in areas of national concern.
“We expect that discussions between the Canadian Securities Transition Office, the federal, and provincial governments will resume shortly on this issue,” continued Mr. Pollock. “Advocis continues to support any effort to establish a more responsive and streamlined approach to securities regulation in Canada.”
Advocis, The Financial Advisors Association of Canada, is the association of choice for financial advisors and planners. With more than 11,000 members across the country, Advocis is the definitive voice of the profession, advocating for professionalism and consumer protection. Professional financial advisors and planners are critical to the economy, helping consumers make sound financial decisions that ultimately lead to greater financial stability and independence. Advocis works with decision-makers and the public, stressing the value of financial advice and striving for an environment in which all Canadians have access to the advice they need. For more information visit www.advocis.ca.
– 30 –
For more information, please contact Ann Walker via phone (416-342-9838 or 416-302-9856) or email (awalker@advocis.ca).