Backgrounder
A DISCUSSION PAPER PREPARED FOR CGA-CANADA BY
PROFESSOR POONAM PURI
The Issue
The subject of a national securities regulator has been on the public policy agenda for over 50 years. As this debate continues, Canada remains the only developed economy without a national securities regulator. Some say the current system is accessible as well as responsive to local and regional concerns. However, others say the current system is fragmented and uncoordinated, unnecessarily costly, inefficient, and impedes Canada’s competitiveness.
CGA-Canada believes there is a need for reform, and that the principles of regulatory efficiency, professional inclusion, transparency, accountability and regional concerns should form the basis of a new model.
Moving forward on the debate
CGA-Canada is committed to actively participate in this debate, and to make a meaningful contribution to the policy process.
With these goals in mind, CGA-Canada commissioned a paper by Professor Poonam Puri of Osgoode Hall Law School. As a well-known expert in this field, she is sought out by governments and regulators both in Canada and internationally. Professor Puri was Co-Research Director for the Task Force to Modernize Securities Legislation in Canada, and she is also a member of the Ontario Securities Commission’s newly created Investor Advisory Committee. Among her many distinctions, she was named one of Canada’s Top 40 under 40 in 2006.
Professor Puri’s discussion paper specifically focuses on what the mandate of a common securities regulator could be in relation to public accounting, standard setting and auditor oversight. The paper analyzes how a structure for standard setting and oversight of the accounting and auditing functions could be designed to better meet the objectives of the public capital markets, and how investor confidence in the accounting and auditing functions could be achieved. The paper proposes three models for discussion.
What’s new?
CGA-Canada is now publicly releasing the paper, with a view to stimulating discussion and obtaining input on the issue of a common securities regulator.
We very much welcome your comments, and appreciate your input.
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