Research Topic 1: The Canadian Securities Administrators (CSA) and ...

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Research Topic 1: The Canadian Securities Administrators (CSA) and Canada’s Quest for a Single National Securities Regulator.
Suggested Approach
Attached are all the necessary resources to complete the task.
1. Briefly summarize the CSA’s mission, structure, activities, successes, and challenges.
(Sources: Introduction to the Canadian Securities Administrators, the CSA’s Memorandum of Understanding; CSA Annual Activities Report, etc.)
2. Summarize Federal government (Finance Minister) effort to create a single national securities regulator.
3. Read the Executive Summary, Chapter 1 (The role of the commission in Capital Market regulation), and chapter 3 of the report (i.e. Securities Regulation – Only Part of the Capital Market). The Executive Summary identifies five themes which are subsequently discussed throughout the report. Cecile Carpentier and Jean-Marc Suret counter the Five Year Review Committee’s recommendations in a 2003 paper published in the Canadian Public Policy journal.
4. Read the Carpentier & Suret paper.
5. Summarize the Committee’s key argument on each theme in favour of a single national regulator, followed immediately by a summary of CM’s key counter argument on the theme against s single national regulator.
6. Read other material related to this issue. You can expand your research beyond material posted in the Research folder for this topic on Blackboard.
7. Conclude the paper with your personal informed assessment of Canada’s need for a single national securities regulator based on information discussed in your paper.
Guidelines for Research Paper
• Content of Paper: Keep your paper concise and focused. Avoid lengthy discussion of particular issues.
• Length of Paper: 5 - 8 pages. Format in Microsoft Word; 12-point font in Times New Roman; 1.5 line spacing. Use spacing for paragraphs. Use paragraphs carefully to introduce new issues.

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The success of any economy can be assessed through the strength of its capital markets. The Canadian Securities Administrator (CSA) has been formed as an organization that comprises of provincial and territorial securities regulators in the Canadian economy who are guided by the collective aim of improving, coordinating and harmonizing the processes through which the Canadian capital markets are regulated. The main objective is to attain consensus on policies and regulatory procedures affecting the capital markets so that there is uniformity and consistency across the economy. The mission of the CSA can be segregated on three grounds:
• Protection of the investors from fraudulent practices so as to build trust and reliability.
• Promote the development of fair capital markets characterized by efficiency
• Reduce the effects of risks and forces that threatens the integrity of markets.
Through its operations, CSA seeks to protect investors and increase confidence in markets through adoption of transparent, objective and consistent procedures (CSA, n.d.).
The primary activities of CSA are to investigate wrong doings and enforce regulations to prohibit such wrong-doings in the capital market. With the help of internal CSA surveillance and compliance or complaints from the investors, CSA identifies the wrong doings in the market. The enforcement personnel deal with violations of the securities laws and impose the requisite sanctions so that fairness and efficiency in capital markets is promoted and the investor’s confidence in the markets is maintained (CSA, n.d.).
The key challenge faced by the CSA is that there is lack of a single body to regulate the securities markets and this makes the markets vulnerable. The jurisdiction over securities is shared by federal, provincial and territorial Governments and some Governments fear loss of power by accepting the authority of a single body (The Economist Intelligence Unit, 2013). CSA has been successful in harmonizing regulations across Canada and developing effective regulatory policies for all market participants across the capital markets (CSA, n.d.). The creation or development of MRRS (Mutual Reliance Review...

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