Investors Scrutinizing the Regulators

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BC pitches Canada securities watchdog-report

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)