Alberta Finance Minister Morton Does Not Believe The Feds

Alberta is the most vocal province to disagree with the federal governments plan to move provincial securities regulators under the federal wing.

The federal government states the new plan would allow this new centralized Securities Regulatory Authority to operate regionally, through local offices but the provinces are not biting.

Ted Morton told the Calgary Herald..
“The proposed legislation calls for a chief adjudicator and a chief regulator — those are obviously the two key decision makers. Where are they going to be located?

“In two different cities? That doesn’t make any sense. And if you put them in the same city, then inevitably over time that will become the head office.

“And I don’t think it’s any secret where that’s likely to be.”

Quebec feels the same as Alberta, suggesting it is a power play to gain more federal authority.

Those in favor of the plan believe a federal authority, sharing provincial information closely would make it much easier to find and identify illegal activity.

Those in opposition feel their provincial guidelines and policies that are unique to them will be lost in the re-organization.

Either way, Ottawa plans to launch the Crown corporation July 1, 2012, and replace provincial regulatory and enforcement agencies with the Canadian Securities Regulatory Authority, “an integrated national body with local service delivery.”

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