The Globe and Mail reports in its Monday edition that further to the Ontario government's "Making Ontario Open for Business Act," the Ontario Securities Commission is pursuing its regulatory burden reduction initiative for capital markets. Guest columnist Ermanno Pascutto at FAIR Canada believes that the most popular solution, a single national regulator, is misguided. There are reasons why reform proposals for a national regulator have gone unfulfilled for more than 50 years and will continue to go unfulfilled. FAIR Canada has a better suggestion: a national portal, instead of a national regulator. Such a portal would address and resolve the conflict over a national regulator while addressing the burden imposed by fragmented, outdated, complicated and inconsistent systems to deliver and access important information and disclosure. Systems such SEDAR, the National Registration Database (NRD) and the System for Electronic Disclosure by Insiders (SEDI) are outdated, unfriendly, unsearchable and slow. Regulator websites are scattered and dissimilar. Some, including Ontario's, are not searchable on-line. A national securities portal that FAIR Canada proposes could serve as an alternative to a national securities regulator.
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