|By Marketwired .||
|July 9, 2014 10:50 AM EDT||
TORONTO, ONTARIO -- (Marketwired) -- 07/09/14 -- Canada's CFOs and other senior financial executives applauded the federal government's perseverance towards the creation of a common securities regulator.
"We encourage the federal government to continue to strive towards this important goal, which will enhance Canada's global competitiveness and benefit all business by offering a streamlined process," said Michael Conway, President and CEO of FEI Canada. Saskatchewan and New Brunswick earlier today signed an agreement to join the Cooperative Capital Markets Regulatory System, following the September 19, 2013 agreement in principle between British Columbia, Ontario and Canada to jointly establish a national securities regulator.
Canada is one of the few countries in the world without a single federal regulator of capital markets, noted Tim Zahavich, FEI Canada's Chair. "As this leads to inefficiencies and unnecessary uncertainty for domestic and international companies that seek to raise capital, FEI Canada encourages governments at all levels to revisit this issue and to work on a cooperative basis towards a national securities regulator," Zahavich said.
FEI Canada favours the creation of an independent national securities regulator to facilitate the adoption of more effective and efficient regulation. Canada's senior financial executives agree that all reporting issuers should be held to the same standard of securities regulation.
FEI Canada is the all industry professional membership association for senior financial executives. With eleven chapters across Canada and 1,600 members, FEI Canada provides professional development, thought leadership and advocacy services to its members. The association membership, which consists of Chief Financial Officers, Audit Committee Directors and senior executives in the Finance, Controller, Treasury and Taxation functions, represents a significant number of Canada's leading and most influential corporations. Further information can be found at www.feicanada.org. Follow us on Twitter at @FEICanada
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