Current regulations require that when a
client moves to another province I am no longer able to give that person
advice; even if neither of us wants to give up the relationship.
“It is embarrassing for Canada to be the
only country among the Group of 20 industrialized nations without a single
regulator” Finance Minister Jim Flaherty stated when he was talking about how
he would like to get on with the 2010 budget plans to create a national
regulator.
The federal government is finally working
with the provinces in an attempt to create a common securities regulator within
Canada - which will replace the 13 regional regulators currently in
existence. Flaherty also stated to the
Financial Post that “there is a critical mass of support” across Canada to
create a national securities regulator within the parameters set out by the
Supreme Court of Canada.
Last December, the court ruled that the
federal government did not have the power to create a national securities
regulator via legislation. However, it
was suggested there may be a way forward through co-operation of the federal
and provincial governments.
Last week officials from both the Finance
department and representatives from the provinces and territories met with the
intent on working together to reach this common goal. Although Flaherty is not sure how plans will
progress, he says Ottawa is willing to buckle down, work hard and move forward
on creating the elusive securities regulator.
As a Certified Financial Planner my
qualifications are recognized worldwide, however due to our current regulatory
system I am only permitted to practice in the province in which I reside. As the world grows smaller through
globalization and people I know accept positions around the world, it would be
nice to work within a system that allows more flexibility. Shouldn’t investors be able to decide who
they want to manage their money…regardless of where they live?
Have a great weekend.
Tracey
Source: Advisor.ca
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