The uniform securities law project remains the top priority of the Canadian Securities Administrators, but it will require major political pressure to get it passed in all provinces, admits Stephen Sibold, chairman of the CSA, the USL project and the Alberta Securities Commission.

Speaking at a regulators’ roundtable at the Investment Dealers Association of Canada’s annual conference in Mont-Tremblant, Que., Monday, Sibold stressed that the USL project remains at the top of CSA’s agenda. He continues to make the case for the regulators’ reform plan, which would see a largely uniform securities law adopted in each of the provinces.

Sibold insists that this effort is still the best, most achievable reform effort underway. He says it has no disadvantages, and that it would deal with the most common objection — the multiplicity of regulators — that people raise about the current system. By substituting a common law and legal delegation, it would give market players one-stop regulatory shopping. He also says that it’s a prerequisite for national regulation.

The plan, however, is saddled with the same fundamental weakness that afflicts other major reform efforts — getting the provinces to agree to implement the new law. Sibold says that it will require “a very strong push from issuers, investors and all market participants” to make USL a reality.

Other commentators have complained that the USL plan would not offer complete uniformity, and that it would be tricky to keep all provinces on side over time.

Also participating in the roundtable was the new head of the CSA Secretariat, Ann Leduc, who outlined its priorities. She promises that the CSA will do a better job of communicating its enforcement efforts to the market and investors. And that it will be working to help the CSA chairs do a better job of communicating with one another.