CANADIAN SECURITY TRADERS ASSOCIATION, INC.
P.O. Box 3, 31 Adelaide Street East
Toronto, Ontario M5C 2H8
Dear Honorable Thomas A. Hockin:
Re: Letter from the Expert Panel on Securities Regulation
The Canadian Security Traders Association, Inc. is honoured to be invited to voice our views on the issues we believe to be most relevant in the improvement of Canada’s securities regulatory system.
The Canadian Security Traders Association, Inc. (CSTA) is a professional trade organization whose mission is to promote and improve the ethics, business standards and working environment for our members who engage in the buying, selling and trading in securities. Our mission is also to maintain communication with self-regulatory organizations and local and national governments and their agencies in respect of the regulation of the markets in which securities are traded. The CSTA also fosters cooperation among all the segments of the global securities industry in order to enhance free and open markets for the mutual benefit of its membership and in the best interests of investors, foreign or domestic. The CSTA represents over 900 traders nationwide in Canada and is led by Governors from each of three distinct regions. The organization was founded in 2000 to serve as a national voice for our affiliate organizations. The CSTA is also affiliated with the Security Traders Association (U.S.A), which has 6000 members globally.
We are pleased to see the formation of the Expert Panel on Securities Regulation in Canada. As you know, one of the most pressing issues in the Canadian securities industry is the need to establish a single and effective regulatory body. We very much support your efforts in this matter and welcome all opportunities to discuss specifics and principles of the plan.
With the benefit of experience, the Canadian trading community can point to the success of RS (now IIROC) as a single body that has done a very effective job of managing the trading of securities across Canada. Under UMIR rules and RS guidance, the regulation of trading has been very successful. On the contrary, the fragmented rules of the assorted provincial securities commissions have made national policies difficult to follow and difficult to enforce.
We are very interested in continuing the dialogue with the Expert Panel and participating in face-to-face meetings on an ongoing basis. We also encourage you and your partners to attend our annual summer conference, which deals with timely and critical issues facing our industry.
Sincerely,