One country, one stock market

Deirdre.

When you open any story with a historic quote which frames your point please attribute the quote correctly. The "fear itself" quote was from FDR not Churchill and a good decade before Churchill addressed war ravaged Brition.

Wrong guy, wrong continent.

j

More attention stiffer fines and jail time should be the focus towards Ceo's and executives that mislead investors. Eg Nortel.

Salary caps just like the NHL would keep these executives from robbing shareholders blind.

Start at the top to clean up this mess.

Do we really want to carry the brand of the U.S?

Great, more globalization. Lets just hand all our rights, and individuality over to the one worlders right now. While we're at it, get in line for their chips, and tags. Just another fun day in the park, kids.

I just wish some of the bloggers would quit with the drivel. It's not "American" or "Globalized" to have regulation that makes sense and protects investors. The Provinces aren't willing to do it so what's wrong with the Feds taking the initiative? We're living in a basically do nothing country as far as regulating institutions and their relationship with the people in Canada. This is the only country where crime does pay as it relates to enforcement of even existing laws and regulations. e.g. Nortel, Bre-X, even Conrad Black who is only in jail because the U.S. doesn't move at a snails pace in prosecuting criminal behavior. I wish we had more enforcement( faster prosecution, longer sentences, bigger penalties) like the U.S. I wish we would at a minimum enforce the laws already on the books!

I just wish some of the bloggers would quit with the drivel. It's not "American" or "Globalized" to have regulation that makes sense and protects investors. The Provinces aren't willing to do it so what's wrong with the Feds taking the initiative? We're living in a basically do nothing country as far as regulating institutions and their relationship with the people in Canada. This is the only country where crime does pay as it relates to enforcement of even existing laws and regulations. e.g. Nortel, Bre-X, even Conrad Black who is only in jail because the U.S. doesn't move at a snails pace in prosecuting criminal behavior. I wish we had more enforcement( faster prosecution, longer sentences, bigger penalties) like the U.S. I wish we would at a minimum enforce the laws already on the books!

I just wish some of the bloggers would quit with the drivel. It's not "American" or "Globalized" to have regulation that makes sense and protects investors. The Provinces aren't willing to do it so what's wrong with the Feds taking the initiative? We're living in a basically do nothing country as far as regulating institutions and their relationship with the people in Canada. This is the only country where crime does pay as it relates to enforcement of even existing laws and regulations. e.g. Nortel, Bre-X, even Conrad Black who is only in jail because the U.S. doesn't move at a snails pace in prosecuting criminal behavior. I wish we had more enforcement( faster prosecution, longer sentences, bigger penalties) like the U.S. I wish we would at a minimum enforce the laws already on the books!

As an advisor in Canada for the last 17 years I have always been a fan of a national securities regulator for many reasons. Many of these are internal industry reasons but several are for those outside of our industry.

At every level of regulation from Federally, Provincially, SRO, and lobby groups there is some form of cost to run these. The majority of these costs are borne by industry (banks, mutual fund companies, and advisors). The result of these costs is passed on to the consumers in the way of increased fees. These regulators are not co-ordinated in their efforts, which in turn rarely results in better protection to the consumer. Effectively Canada has many "warlords" who watch over their respective fifedoms. These fifedoms have many levels of bureaucracy, and all want to keep their piece of the action. These results in 13 different securities regulators, 2 SRO's in the MFDA and IDA, and others. What's missing is a quarterback to co-ordinate the effort and drive policy for all Canadian regulators.

With one set of rules for all to work with, more time can be spent on regulation and enforcement nationwide. All that has resulted in my previous 17 years as an advisor is increased amounts of paperwork for my staff and clients. I hold 4 provincial securities licenses, 8 insurance licenses in 4 provinces, pay fees to the MFDA, and pay fees to maintain my designations. It's not the fees that bug me; it's paying them to 9 different entities who claim to protect the public. I have never been audited by any securities regulator or the MFDA. This means that no one has ever looked at any of my compulsory paperwork other than my compliance officer!

Bottom line is streamline the industry - charge the same fees or more - hire more investigative officers to handle complaints - and allow them to award remuneration or damages to investors who have been cheated. I have seen couple of clients go after old advisors to be met by a big wall and SRO's who protect advisors instead of clients. All that ever happens is advisors are fined or put out of business. If a client wants their money back is will cost many thousands of dollars and you still may lose. Put some bite into a new regulator.

Hi,

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Thanks
Sofia.