The Canadian and American Financial Systems: Competition and Regulation

Cécile Carpentier and Jean-Marc Suret

Canadian Public Policy, 2003, vol. 29, issue 4, 431-447

Abstract: Centralization of securities regulation in Canada is a recurring topic which was recently given new impetus. Various participants suggest that the American model is an example of regulatory centralization and could be transposed to Canada. Our study shows the enormous differences which separate these two systems. The SEC may be considered a regulatory monopoly with respect to important securities, in the face of a competitive and fragmented industry. In Canada, provincial securities regulation creates a form of regulatory competition in the face of a very heavily concentrated industry. Consequently, the American regulatory framework is not transferable to Canada, and the risks of significant influence by the industry on the regulatory framework or even regulatory capture are high in Canada.

Date: 2003
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