TORONTO, July 8 The Canadian provinces of
Saskatchewan and New Brunswick will join the push for a national
securities regulator, doubling the number of provinces in favor
of reforming the country's current patchwork system, the Globe
and Mail reported on Tuesday.
The two provinces will add their names to the Cooperative
Capital Markets Regulator on Wednesday, the Globe said, citing
unnamed sources. They will join Ontario and British Columbia in
supporting the plan.
A spokeswoman for Saskatchewan's securities regulator would
not comment on the report, but said the province's finance
minister would participate in an announcement by federal Finance
Minister Joe Oliver on Wednesday. A spokesman for New
Brunswick's finance ministry was not immediately available for
Regulation of financial markets in Canada is a provincial,
not a federal responsibility.
Last September, after decades of failed attempts to get all
10 provinces to agree to a national regulator, Ottawa and the
governments Ontario and B.C. announced they would go it alone
and set up a common capital markets watchdog, similar to the
U.S. Securities and Exchange Commission.
The hope was that more provinces would join over time and
that the current patchwork system of regulators in each province
and territory would be replaced with a national system.
Ontario is Canada's most populous province and home to
Canada's financial services industry and largest stock market.
British Colombia is home to a large number of the country's
While Saskatchewan and New Brunswick are much smaller, their
support would represent a visible sign of progress.
Quebec and Alberta, which is home to Canada's oil sands,
have been the most significant opponents of the plan.
(Reporting by Cameron French. Editing by Andre Grenon)