Montréal, September 19, 2013 – In response to the announcement of intentions by the federal Minister of Finance, and his counterparts in Ontario and British Columbia, to establish a “cooperative” system for regulating capital markets, the Board of Trade of Metropolitan Montreal reiterates its staunch opposition to any plan to centralize securities regulation in a single body.
“Canada’s financial system is known for its excellence and meets the needs of our economy,” said Michel Leblanc, President and CEO of the Board of Trade of Metropolitan Montreal. “Besides, the system is already based on effective and very real cooperation between the provinces, particularly with the implementation of the passport system. Since cooperation is already well established, another cooperative agency would simply be excessive and redundant.”
“Need we remind people of the strategic role that the financial sector plays in the city’s economy and its expertise in derivatives?” Michel Leblanc said. “Not only does the presence of a securities regulator in Montréal represent many high-calibre jobs, it also reinforces the city’s role as a financial centre and allows us to respond more effectively to the needs of local companies. Any initiative that would centralize securities regulation, with the regulator’s head office in Toronto no less, is in direct opposition to the economic development of Quebec and its largest city.”
“The Government of Canada has not produced any conclusive evidence of the benefits of centralization, whether in cooperative form or otherwise,” Mr. Leblanc said. “Like the original proposal to create a single agency, today’s proposal will weaken a system that has proven its worth. We ask that the federal government hear the voice of the city’s business community and drop this renewed attempt to centralize capital market regulation.”
About the Board of Trade of Metropolitan Montreal
The Board of Trade of Metropolitan Montreal is made up of some 7,000 members. Its mission is to represent the interests of the business community of Greater Montréal and to provide individuals, merchants, and local businesses of all sizes with a variety of specialized services to help them achieve their full potential in terms of innovation, productivity, and competitiveness. The Board of Trade is Quebec's leading private economic development organization.
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Source:
Michelle LLambias Meunier
Advisor, Media Relations
Board of Trade of Metropolitan Montreal
Tel.: 514 871-4000, ext. 4042
mllambias@ccmm.qc.ca
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