OTTAWA - The federal government announced Wednesday that Saskatchewan and New Brunswick have agreed to join an effort to create a national securities regulator. Some quick facts about the proposal:
Why? Proponents say a national regulator will be able to administer a uniform set of regulations for capital markets, manage systemic risk, guard against misconduct by market players, protect investors and co-ordinate with police and prosecuting authorities both inside and outside Canada.
Who's in so far? Ontario, British Columbia, Saskatchewan, New Brunswick, along with the federal government, support the idea.
Who's still out? Newfoundland and Labrador, Prince Edward Island, Nova Scotia, Quebec, Manitoba, Alberta, Northwest Territories, Yukon, Nunavut.
How much? The four provinces that are on board represent 53 per cent of firm capitalization and about 75 per cent of listed firms in Canada.
What's there now? There are 13 federal and provincial regulatory bodies overseeing securities and capital markets. Once the new Co-operative Capital Markets Regulatory System is established there will be 10.
When? Estimated start date is fall 2015.
Where? It is expected the agency's headquarters will be in Toronto, with local offices in each participating province.