September 20, 2013
Victoria, B.C. – The British Columbia Investment Management Corporation (bcIMC) is voicing its support for the Honourable Minister Flaherty’s plan to establish a co-operative capital markets regulatory system. bcIMC has long advocated for a national securities regulator, having made numerous submissions to regulators, various panels and regulatory authorities, and provincial and federal government.
“This is a significant milestone for Canadian securities regulation and for the future of the financial markets,” said Doug Pearce, Chief Investment Officer / Chief Executive Officer, bcIMC. “We believe a single national securities regulator will have a number of benefits including enhancing investor protection, help managing systemic risk, and being more efficient. We are also hopeful that this will serve to improve the enforcement of securities laws.” All of these are important to enhancing the attractiveness of the Canadian capital markets to both individual and institutional investors.
“We applaud the steps taken by the provinces of British Columbia and Ontario to join the Government of Canada and we are hopeful that the other provinces and territories will join this initiative,” added Pearce.