Opinion: Why Canada needs a national securities portal, not a national securities regulator

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Why Canada needs a national securities portal, not a national securities regulator GlobeBusiness

This translation has been automatically generated and has not been verified for accuracy.Further to the Ontario government’s “Making Ontario Open for Business Act," the Ontario Securities Commission , the securities watchdog, is pursuing its regulatory burden reduction initiative for capital markets participants.

How difficult must access to information be for investors if it is so complicated for experts? Even the regulator call to action to check the registration status and disciplinary history of any financial adviser is easier said than done. The information is scattered around different databases and is also incomplete.

A national portal could also be designed to centralize reporting on financial fraud to consolidate into a single system documentation on financial fraud reporting that is otherwise separated amongst a wide array of police and regulatory databases. FAIR Canada identified this problem as early as 2011, including in its 2011 “Report on a Decade of Financial Scandal,” calling for a national action plan to tackle investment fraud.

 

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