Canadian, U.S. Regulators in Talks
Canadian securities regulators have agreed to meet with the U.S. Securities and Exchange Commission to reach mutual recognition, The Canadian Press reports.
Four provincial securities regulators – Quebec, Alberta, British Columbia and Ontario – want closer integration with the U.S. S.E.C., which would grant Canadian banks and investment dealers greater business freedom in the United States.
The talks come after the S.E.C. recently turned down offers to talk with Canadian officials because of the complications involved in dealing with 13 provincial Canadian regulators.
"It's an indication we can have links with the securities commission in the U.S., just as we can in Europe," Quebec Finance Minister Monique Jérôme-Forget, told the Canadian daily The Globe and Mail. "This arrangement shows there is room to improve what we have without breaking it."
The plan was announced during a meeting of the International Organization of Securities Commissions in Paris.
Leasers on both sides of the table hope to reach a process agreement by mid-June, according to reports.
''The work that we have accomplished with our Canadian regulatory counterparts over many months has brought us to a significant milestone in our ongoing discussions on the subject of mutual recognition,'' said S.E.C. Chairman Christopher Cox, according to The Canadian Press.
Critics have increasingly called for Canada's 13 provincial regulators to be grouped into a national securities regulators, arguing to the move would make it easier to prove transparency.
