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norman spector

I see in my morning read that a "roadmap" for the national securities regulator will be released this morning. And that the plan hatched by Doug Hyndman - who, as B.C.'s securities regulator, was the leading opponent of the idea until he was named to head the transition office - is for the national regulator to have no head office, but a series of regional offices.

This, according to The Globe's report, has rather upset the McGuinty government, which views Toronto as the centre of Canada's financial sector - other than for future G20 meetings to be sure. True, one of the two initial offices of the regulator would be in Toronto, but it presumably would have equal status with the office in Vancouver - where Mr. Hyndman just happens to live - and with any other office subsequently established as additional provinces come on board.

It's hard to imagine Finance Minister Jim Flaherty - one of Ontario's contributions to the governance of this country - agreeing to this proposal. However, according to a report in this morning's Le Devoir, Mr. Flaherty is not long for his portfolio. Helene Buzzetti also reports that one of the leading candidates to replace him, in a shuffle expected next month, is Lawrence Cannon, in recognition of the strong opposition in Quebec to the idea of a national securities regulator; Mr. Cannon - as a provincial Liberal in a previous life - also has good relations with the Charest government. The other leading candidate - if you can believe it - is said to be Christian Paradis, reported to be a "rising star" in the Harper cabinet; no mention is made of the current investigation into some of his activities by the Ethics Commissioner. As to Mr. Flaherty, he's reported to be on his way to Foreign Affairs or Justice, though the latter, according to the report, would be seen as a demotion.

Personally, I put these reports into the category of "home-town journalism." Or strategic leaks by ambitious cabinet ministers or their respective staffs. But who knows? Even a broken clock is accurate twice a day.

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