Does Canada Really Need a Federal Securities Regulator?

The release of the Expert Panel on Securities Regulation's final report (the Thomas Hockin report) reignited the decades-long debate of whether Canada needs a federal securities regulator. Notwithstanding broad, but not unanimous, political support for its creation, there is no compelling analysis to demonstrate that securities regulation would be improved or that the benefits of replacing our current system outweigh the risks. The constitutionality of such a move is currently before the courts. Published in the June 2010 issue of Canadian Lawyer as part of Bryan Haynes' regular column.