Support of provinces sought for national securities regulation

Ex-CEO of Maritime Life appointed first chair of capital markets authority

Efforts to create a voluntary national securities regulatory system for Canada got a renewed push in Victoria on Friday.

That includes further attempts to persuade major holdouts, such as the provinces of Alberta and Quebec, to sign on to the process that so far has the support of seven governments across Canada.

“We still want to renew our invitation to other governments in Canada to participate,” Ontario Finance Minister Charles Sousa said in an interview. The new NDP government of Alberta has a lot of other concerns at the moment, he noted. The collapse of world oil prices has hit the western province’s energy-dependent economy hard.

“We think Alberta has a lot to offer with their oil and gas expertise,” Sousa said, adding that “we won’t push.”

The legislation required to unify Canada’s mishmash of market regulations is at least a year away, Sousa said, saying it would be passed by June 2016 and operational by the fall of that year.

On Friday, the council of ministers participating in the Cooperative Capital Markets Regulatory System announced they had taken some additional steps toward achieving that goal.

William Black, former chief executive officer of Maritime Life, was appointed the first chair of the Capital Markets Regulatory Authority, the organization overseeing the move to a more unified regime.

Black, whose grandfather founded the life insurance firm, twice ran as a Progressive Conservative in Nova Scotia.

Bay Street said it welcomed the appointment.

“Bill Black is an excellent choice,” said Ian Russell, president and chief executive officer of the Investment Industry Association of Canada. “He will provide leadership to an expert board of directors and will ensure that the Cooperative Capital Markets Regulatory System is operational by the fall of 2016.”

The industry has pushed for a more unified regulatory approach, saying it would make Canada’s capital markets more competitive, cost-effective and attractive as a place to invest.

The council of ministers also “reiterated its intention” to release draft legislation and regulations for public comment this summer.

Participants in the process so far include the Canadian federal government, along with the governments of Ontario, British Columbia, Saskatchewan, New Brunswick, Prince Edward Island and the Yukon territory.