Montréal, July 9, 2014 – The Board of Trade of Metropolitan Montreal is disappointed to see that Canada’s Minister of Finance, the Honourable Joe Oliver, is pursuing efforts to create a “cooperative” securities watchdog.
“The Greater Montréal business community remains very concerned about the repercussions for the city’s businesses of the federal government’s centralizing approach,” said Michel Leblanc, President and CEO of the Board of Trade of Metropolitan Montreal. “Having a securities regulator in Quebec is crucial for the development of local companies and the city. The government’s plans for a regulatory body, with its head office in Toronto, would shift regulatory activities outside Quebec. It would weaken the city’s role as a financial centre and its expertise in derivatives, put quality jobs in promising sectors at risk and reduce the ability to attract direct foreign investment to Quebec’s financial industry.”
“In spite of the decision of Saskatchewan and New Brunswick to join the cooperative regulatory body, the business community reiterates its staunch opposition to the project,” Michel Leblanc said. “We should not forget the 2011 Supreme Court decision that sets out that such a regulator would violate provincial jurisdiction. As well, the existing passport system, which is based on healthy cooperation between the provinces, works very well. And the remarkable resilience of our economy during the recent financial crisis is the ultimate proof that the existing provincial securities regulation system effectively protects investors.”
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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