Canada securities watchdog to kill passport system

Wed May 26, 2010 1:05pm EDT
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OTTAWA (Reuters) - A proposed new national securities regulator for Canada would replace the previous "passport" system where a firm's registration in one province is valid elsewhere, Finance Minister Jim Flaherty said on Wednesday.

The government -- which has long wanted to kill off the current system of 13 separate regulators spread across Canada's provinces or territories -- unveiled its plans on Wednesday.

"We are going to function with one Canadian securities regulator that will be just that -- a Canadian securities regulator. There won't be a continuance of provincial or territorial securities commissions in those provinces and territories that are participating," Flaherty told a news conference.

(Reporting by David Ljunggren; editing by Rob Wilson)