The Investment Industry Association of Canada announced today its official support of a common regulator.

“Without a common regulator, we have no national objectives, and no national strategy to attract capital to Canada. We currently have a national market yet operate under provincial and territorial regulations, which puts us at a unique disadvantage to compete internationally”, said Bill Hatanaka, chairman and CEO, TD Waterhouse Canada Inc. and outgoing chairman of the IIAC at the association’s annual conference, held at La Malbaie, Que,

“A common regulator would provide the flexibility and cost-effectiveness to respond to fast-moving and innovative global markets. A common regulator that is responsive to the needs of regional and small businesses would also provide the catalyst to move to a more principles-based regulation,” continued Hatanaka.

While commending the Canadian Securities Administrators (CSA) for the important role they play and the significant contribution they make, he said, “The CSA is not a viable system for a single national regulator. It is unrealistic to expect that the operation of multiple regulators within the CSA can match the efficiency that a common securities regulator would provide”.

Hatanaka’s comments were presented to investment industry executives attending the IIAC’s annual conference. Ian Russell, president of the IIAC, spoke to the conference on the need to streamline and simplify the regulatory regime for its member companies.

“Right now, our regulatory regime is anything but efficient or effective. In fact, complex and overwhelming might be better ways to describe the regulatory labyrinth our member companies must navigate”, said Russell.

“The way ahead for us lies in simplifying our regulatory environment. If we can streamline everything we do: our rules, approach, compliance and cost structure, we will not only create new levels of efficiencies, but in doing so, will improve the regulatory process and drive down costs.”

Hatanaka and Russell both recognized the IIAC’s role and interest in working collaboratively with regulators and SROs to achieve the desired objectives and create fair and efficient capital markets.

The association’s annual conference is taking place at La Malbaie June 11 and 12.