In The NewsHeather Zordel Comments on Proposal for National Securities RegulatorPublished: 05/28/2010 On May 27, 2010, Cassels Brock Securities lawyer Heather Zordel was quoted in a Canadian Business magazine article called, "Support of all provinces would make national regulator more effective: Flaherty." In an article which discussed the proposal for a national securities regulator, Heather said that resistance from Alberta and Quebec might put a few kinks in the scheme, but is unlikely to scuttle it. She agreed with Finance Minister Jim Flaherty that it's likely individuals and companies will eventually pressure the non-participating provinces to join. Heather noted if Alberta and Quebec decide to opt out of the voluntary organization it will mean an added level of bureaucracy. Currently, if an Alberta oil company submitted a prospectus, it would be reviewed by both Alberta — the jurisdiction in which the company operates — and Ontario, where the Toronto Stock Exchange is located. If Alberta and Quebec didn't join the national regulator, this process would continue under a memorandum of understanding between the two organizations, she said. Zordel said fears by Alberta and Quebec about losing control to an organization that will probably be based in Toronto are overblown. "Nobody is saying we should pick up regulation of the oil and gas sector and put it in downtown Toronto," she said. "That just doesn't make a whole lot of sense, because your expertise and understanding of that industry is based in Calgary and we'd like to see that continue." Heather was a member of the expert panel that advised Ottawa on the creation of a national regulator. |