Groups call for better co-ordination of securities rules across provinces

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TORONTO — The time is ripe to finally push through unified securities rules across Canada’s fragmented regulatory landscape, say investment professionals.

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In a letter to Canadian Securities Administrators leadership, the Portfolio Management Association of Canada and CFA Societies Canada say now is the time to push for greater harmonization of rules that has long eluded the country’s securities regulation.

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“We believe ‘the moment’ Canada is facing both economically and geopolitically requires thoughtful but urgent action to address long-standing issues,” said CFA Societies managing director Michael Thom and PMAC president Katie Walmsley, the leaders of the two groups who sent the letter Thursday.

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“A more harmonized securities regulatory environment in Canada will benefit the Canadian economy and the public interest.”

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There have been numerous failed attempts to create a single national securities regulator, and the groups are not suggesting trying again. Instead, they’ve proposed several concrete steps they believe can more quickly cut down the duplication and burden of multiple sets of rules.

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“We are very aware of the history of past efforts to mandate combination and/or co-operation in securities regulation in Canada, and we don’t believe that a new grand legislative or political project is necessary to address our concerns.”

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Existing mandates and regulatory tools such as mutual recognition frameworks can instead be used to streamline the process, they say.

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They call for a formal vision statement from the CSA on regulatory harmonization with clear targets, annual public reporting on progress, a clear inventory of regulatory differences and a strategic plan to create more national rules.

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Through better co-ordination, regulators could ease compliance costs and boost efficiency while also making Canada more competitive in capital markets globally.

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“We believe the opportunity exists for CSA leadership to take urgent and concrete steps toward minimizing unnecessary regulatory differences while respecting jurisdictional authority, mandates, and policy objectives,” they said.

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The CSA did not immediately provide comment.

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The push for more harmonization comes as part of a wider effort to reduce interprovincial barriers and help Canada stand stronger as it faces hostility from the United States.

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This report by The Canadian Press was first published May 23, 2025.

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