Federal Finance Minister, Jim Flaherty, continued his ongoing crusade for a national stock market regulator this week, launching a so-called Transition Office to develop a course of action.
Within the Group of Seven, Canada remains the sole country without a national regulator, instead using a patchwork of 13 provincial and territory regulators.
Named to head up the new office are Doug Hyndman, who will act as chair and CEO and Bryan Davies as acting vice-chair. The two will be expected to deliver a plan in the coming year for a national regulator.
The move isn't being met with universal approval, with Alberta and Quebec threatening legal action against the federal government should the plan become a reality. Manitoba has also indicated some concern about the idea.
Federal officials have indicated the national regulator would involve the voluntary participation of the provinces.
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