OTTAWA – Canada unveiled Thursday what it touted as the nation’s first national securities regulator to replace a patchwork of regional watchdogs and rules, although just two of its 10 provinces are onboard. It will be headquartered in Toronto and will replace the securities commissions of Ontario and British Columbia.
It is hoped that other provinces, which have long balked at giving up oversight of investor protections and capital raising, will eventually join the group. The new body sets up a rotating chair from each province and a board appointed by each. Participating provinces will enact identical securities legislation, with a complementary federal act addressing criminal matters.