The Financial Post reports in its Tuesday edition that a forthcoming analysis says that Canada's proposed national securities regulator has key flaws that need to be addressed before it is launched prior to the end of next year. A Canadian Press dispatch to the Post says that the new paper by the C.D. Howe Institute says the Capital Markets Regulatory Authority is a significantly compromised plan that will lack the ability to unilaterally impose its regulatory authority across the country. The think tank says there is no assurance or even likelihood that key provinces Quebec and Alberta will join the new regulator following its launch within about a year. The federal government, together with Ontario, British Columbia, Saskatchewan, Prince Edward Island, New Brunswick and Yukon, are currently developing and planning to launch the CMRA. The C.D. Howe report also says that in its current form it is not even obvious that the CMRA will constitute an improvement relative to Canada's existing securities regulatory system. "There is a legitimate question as to whether the CMRA, in its current form, is ready for prime time," said study author Harvey Naglie, a former policy adviser with the Ontario Ministry of Finance.