Howard Davies, the chairman of the U.K. Financial Services Authority, once said in a speech, Unless you have a clear idea of why you regulate, then you run serious risks of being deflected into unprofitable and unjustifiable areas. Unfortunately, the OSC is ignoring this philosophy, and is taking a regulation everywhere approach to Canadian capital markets.
securities regulation
August 21, 2002
2:00AM
May 2, 2002
2:00AM
Over the past decade, oversight of the SROs has become tighter. For example, oversight of Canadian exchanges formerly consisted of approvals for changes to rules and bylaws, but over the last decade the commissions have moved towards a much more micro-approach that now includes comprehensive examinations of an exchanges operations. These examinations extend beyond the exchanges self-regulatory activities to cover operational and financial integrity as well.
