Cooperative Securities Regulator
IFIC has not engaged actively in the debate on whether Canada requires a single national securities regulator. The mutual funds industry is regulated by all 13 of Canada’s securities regulators that work cooperatively through the Canadian Securities Administrators, creating a passport system – a harmonized set of regulations, policies and practices that streamlines the regulatory process. As a result, the mutual funds industry already enjoys many of the benefits that a national securities regulator would bring.
IFIC’s comments about a national or common securities regulator are focused on:
- protecting the existing passport system
- constructing any new body in such a way that it doesn’t not become a costly additional layer
- ensuring that any new body includes knowledgeable staff in a fund-dedicated unit
- a commitment to meaningful consultation with the industry to ensure a strong, stable investment sector where investors can realize their financial goals.