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Canadian Government Regulation Essay

2514 Words11 Pages

Part A
For some time now, the Canadian federal government’s efforts towards constructing a national securities regulator have failed. While the government’s primary objective has been to consolidate the nation’s regulation of securities markets, it has been met with almost undivided reluctance. The proposed federal regulator would streamline compliance, regulation, supervision and enforcement nationwide, would provide investors, dealers and firms with more protection from systemic risk, minimize redundant processes and costs, while also safeguarding the integrity and stability of the securities market (Anisman). In spite of its seemingly good intentions, many deem the potential legislation to be unnecessary. In essence, the government’s call …show more content…

In order to maintain a competitive, honest, and fair market, regulations in the forms of laws, policies and standards have been imposed on financial markets and its constituents. Regulation tends to be followed by supervision, methods used to oversee that market participants are indeed performing while abiding the regulations set upon them, while maintaining their fiduciary duty to their clients. Unfortunately, however, compliance measures have been proven to be insufficient (both internal and external). Internally, compliance failed to “assure customer protection and endorse integrity”, due to a lack in supervisory authority, and a lack of power to exercise enforcement, while also being under the watchful eye of upper management (Mak). In the meantime, national regulators and governmental bodies, responsible for overseeing the performance of their markets, fail to identify the subpar and faulty regulations that were set upon the financial market, due to a combination of incompetence and negligence (Yeebo). As a result, those assessing within have little to no means of power to enforce compliance, all the while outside forces are unaware of how their legislation is being exploited for the benefit of the few (Yeebo). In the absence of enforcement, the market is inclined to take risks that it would not normally undertake, thus facilitating …show more content…

"Power to the Provinces." National Post. Postmedia Network Inc., 6 Dec. 2012. Web. 7 Oct. 2014. <http://opinion.financialpost.com/2012/12/06/power-to-the-provinces/>.
Wicks, Andrew C., R. Edward Freeman, Patricia H. Werhane, and Kirsten E. Martin. Business Ethics A Managerial Approach. 1st ed. New Jersey: Pearson Education, 2010. 1-20, 42-48. Print.
Wilkinson, Kate. "Joe Oliver's Resume Shows He Shares Flaherty's Views on a National Securities Regulator." Canadian Business. Rogers Media Inc., 19 Mar. 2014. Web. 7 Oct. 2014. <http://www.canadianbusiness.com/economy/meet-new-finance-minister-joe-oliver/>.
Yeebo, Yepoka. "Financial Crisis Inquiry Commission's 10 Major Findings." Huffington Post.Huffington Post, 27 Jan. 2011. Web. 7 Oct. 2014. <http://www.huffingtonpost.com/2011/01/27/financial-crisis-inquiry-commission- findings_n_814935.html>.
Yew, Madhavi Acharya-Tom. "Feds, Ontario and B.C. Agree on Co-operative Securities Regulator; First Step to National Body." The Toronto Star. Star Media Group, 19 Sept. 2013. Web. 7 Oct. 2014. <http://www.thestar.com/business/2013/09/19/feds_ontario_and_bc_agree_on_single_securit

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