The need for a national securities regulator during the current economic downturn is existent, says Philippe Tardif, a partner with the Toronto office of Borden Ladner Gervais LLP who practises in the Firm’s Securities and Capital Markets Group, in response to the Nov.19 speech from the throne in which the government referred to the need to end Canada’s scattered regulatory framework.

'One of the issues that’s been discussed worldwide in response to the credit crisis is that additional regulation of financial institutions is required,' says Tardif. 'Some of those financial institutions are regulated by the securities regulators. So yes, there is a need for a co-ordinated approach.'

And certainly urgency has been attached to this campaign for a single regulator in light of the economic slowdown. 'There’s a greater need for policy development and oversight in assessing regulatory response to various liquid securities, and oversight of regulated entities.'

In addition, uniformity in enforcement proceedings would also be promoted through a national regulator as would efficiencies in some regulatory approvals and for coordinated policy decisions, says Tardif.