Fri Jan 16, 2009 9:29am EST
OTTAWA, Jan 16 (Reuters) - The province of British Columbia will drop
its opposition to a national securities regulator if the federal
government agrees to its proposed candidate for the watchdog's top job,
a Canadian newspaper said on Friday.
The Globe and Mail, citing sources, said the province was pushing
British Columbia Securities Commission chief Doug Hyndman for chairman
of any national regulator that is created.
A government-commissioned panel recommended on Monday that Canada push
ahead with efforts to create a national securities regulator to replace
a patchwork system of 13 provincial and territorial regulators.
The current system requires companies to file documents such as
financial statements in each jurisdiction separately.
The panel said the global financial crisis highlighted the need for a
single Canadian regulator that can move with greater speed to address
financial instability. Provincial opposition has traditionally hindered
efforts to reform the system.
(Reporting by Susan Taylor; Editing by
Lisa Von Ahn)