CALGARY, Alberta (Reuters) - Alberta’s left-leaning NDP government said on Tuesday the crude-producing Canadian province will not join a national securities regulator, sticking with the stance taken by the previous Conservative government.
Alberta Finance Minister Joe Ceci said the province’s capital markets focus around the energy sector, while those of provinces such as Ontario and Manitoba are defined by different industries, such as financial services and insurance.
“Our government firmly believes that these unique financial ecosystems are best overseen by local regulators,” Ceci told a news conference.
The decision comes despite a statement by Canadian Finance Minister Bill Morneau in January that the federal government would follow through with efforts to set up a national security regulator to replace a patchwork of provincial bodies.
So far Ontario, British Columbia, three smaller provinces and the territory of Yukon have agreed to link up with the federal government to set up a common regulator.
Reporting by Nia Williams; EDiting by Steve Orlofsky