Canadian securities regulation is managed through the laws and agencies established by Canada's 10 provincial and 3 territorial governments. Each province and territory has a securities commission or equivalent authority with its own provincial or territorial legislation.[citation needed]
Unlike other major federations, Canada has no securities regulatory authority at the federal government level. Nonetheless, most provincial security commissions operate under a passport system, so that approval of one commission essentially allows for registration in another province. However, concerns about the system remain. For example, Ontario (Canada's largest capital market) does not participate in the passport regimen.[1]
Securities regulators from each province and territory have joined to form the Canadian Securities Administrators (CSA).[2]
Concerns about the provincial system of securities regulation have led to repeated calls for a national securities system in Canada. As of June 2021, the Canadian government is working towards establishing a national securities regulatory system to provide:
- better and more consistent protection for investors across Canada;
- improved regulatory and criminal enforcement to better fight security-related crime;
- new tools to better support the stability of the Canadian financial system;
- faster policy responses to emerging market trends;
- simpler processes for businesses, resulting in lower costs for investors;
- more effective international representation and influence for Canada.[3]
- ^ Ontario Securities Commission Notice 11–904
- ^ "CSA | ACVM". www.securities-administrators.ca. Retrieved 2021-05-13.
- ^ Fact Sheet on Proposed Canadian Securities Act, fin.gc.ca