WAISC 2009: Hockin expects national securities regulator by 2012

Date: Tuesday, September 15, 2009
Author: Jonathan Ratner, Financial Post

As part of a panel on the new regulatory landscape in Canada and the United States, Tom Hockin, chair of the Expert Panel on Securities Regulation, gave the conference an update on what's happening with the quest for a national securities regulator.

The panel reported earlier this year and recommended a single regulator instead of the 13 bodies currently in place. Legislation is set to appear in 2010 and Hockin expects things will be in place by 2012. He said:

I think it is inevitable. We are going to have a Canadian Securities Commission.

What's different this time is that when we had this systemic crisis in Canada, people didn't fly to Regina or Victoria or Quebec City, they flew to Ottawa. The biggest balance sheet if you want to backstop the financial crisis is Ottawa. The Federal government cannot give backstops and be a systemic player if it doesn't regulate securities.

Hockin met with the transition office on Monday, which consists of just four people so far. He says they are "just getting going" and will have to report on their progress by July, 2010.

Jonathan Ratner