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Saskatchewan opposes national securities regulator

Saskatchewan is formally opposing the creation of a single securities regulator, providing fresh ammunition for the provinces waging a fight against Ottawa.

Saskatchewan joined Alberta, Manitoba and Quebec on Monday in rejecting the federal government's push to create a single regulator.

"We're looking toward a plan that will be under the jurisdiction of the provinces," Saskatchewan Finance Minister Ken Krawetz said in an interview at the end of the finance ministers' meeting in Kananaskis, Alta.

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Federal Finance Minister Jim Flaherty, the chief architect of a single regulator, faces an uphill battle now that four provinces are formally opposed and two others - British Columbia and New Brunswick - have raised concerns about relinquishing their control over policing securities markets.

"Unanimity has not been achieved," said Mr. Flaherty, a clear understatement that sparked chuckling from some provincial ministers.

Alberta Finance Minister Ted Morton was elated with the development. "It's been a good week for Alberta," he told reporters after the meeting. "It looks like the ranks of those opposing [a national regulator]have grown."

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About the Author

Karen Howlett is a national reporter based in Toronto. She returned to the newsroom in 2013 after covering Ontario politics at The Globe’s Queen’s Park bureau for seven years. Prior to that, she worked in the paper’s Vancouver bureau and in The Report on Business, where she covered a variety of beats, including financial services and securities regulation. More

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