In the Nov. 5, 2007 Briefcase we wrote about how Finance Minister Jim Flaherty vowed to create a national securities regulator despite the fact a motion to oppose that plan was unanimously passed by Quebecs National Assembly in mid October. Well, calls for a national securities regulator were reiterated in an International Monetary Fund reporton the stability of Canadas financial system. A single regulator would allow policy developments to be streamlined, allowing Canada to respond more quickly to local and global developments, write the reports authors. Amongst other benefits, it would also reduce costs for market participants, since there would be only a single set of fees.
Overall, we got the thumbs up from the IMF for having a mature, sophisticated, and well-managed system. But, as mentioned above the international organization had a few suggestions for improvement including increasing transparency for some structured finance products, in light of the non-bank sponsored asset backed commercial paper debacle.
You can find the federal governments response to the report here.