Winners & Losers

The finance minister’s long-held dream, which everyone agrees is important but no one ever wants to discuss at any great length because, frankly, it bores them a little bit, is nearly a reality. On Sept. 19, the federal government announced it would create a national securities regulator to replace the motley crew of 13 individual regulators currently serving the country. Sort of. Even after seven years of desperately trying to convince the provinces a national regulator is a good thing, Flaherty has so far only been able to get Ontario and British Columbia on board. But considering that those two provinces are home to 65% of the country’s capital markets, does it really matter if New Brunswick signs up? Flaherty, of course, thinks it does, and says he’s hopeful all the provinces and territories will join his merry band in due course. (Good luck convincing Quebec, Jim.) Until then, Flaherty is calling the Cooperative Capital Markets Regulators not a national regulator and not a provincial regulator, but a “common” regulator. Sounds like there’s still work to be done. Flaherty better hurry: his proposed date to launch the new regulator, on July 1, 2015, leaves only four months of breathing space before the next federal election that October. If the new regulator isn’t up and running by then, it could get pushed aside in the event a party other than the Conservatives gets elected.