OTTAWA Brian Elliott Jersey Sale , July 9 (Xinhua) -- The Canadian Bankers Association ( CBA) on Wednesday welcomed the news that the two provinces of Saskatchewan and New Brunswick will join the federal government and provincial governments of British Columbia and Ontario with the bid to form a regulator for capital markets at the national level.
While hailing it as a significant development that shows that the momentum towards the creation of the national regulator for capital markets, or Cooperative Capital Markets Regulator, in a press release, Terry Campbell Brandon Manning Jersey Sale , president of the Canadian Bankers Association, said it is important in the continuing efforts to strengthen investor protection and the efficiency in Canadian capital markets.
"The federal government has shown a great deal of perseverance and leadership on this important economic issue as Canada's current fragmented system puts us out of step with other countries around the world. We encourage other provinces to seriously consider participating in the proposed system," Campbell added.
Canada does not have a regulatory authority for capital markets or securities at the federal government level. Regulation of such activities is administered through laws and agencies set up by the country's 13 provincial and territorial governments.
The CBA has for years advocated for efficient securities regulation, with a strong belief that a national regulator would benefit all Canadians. This includes entrepreneurs and business owners seeking capital to grow and create jobs Scott Laughton Jersey Sale , savers and investors looking for opportunities to build their financial future in a secure marketplace, and employees working for companies that depend on the capital markets for financing and growth.
The Canadian Bankers Association works on behalf of 60 domestic banks, foreign bank subsidiaries and foreign bank branches operating in Canada.
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