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Without skin in the game, banks won't tighten lending standards- Appeared in Financial Post and The Province
Appeared in Financial Post and The Province In a year-end interview, Finance Minister Jim Flaherty noted, I find it just strange that I get some of the financial institutions telling me to mind my own business on regulatory matters and then we have ...
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Mortgage Finance Reform: Protecting Taxpayers from Liability
This study recommends that the Canadian government reduce taxpayer vulnerability, including withdrawing government guarantees from all mortgage insurers-public and private-and privatizing the Canada Mortgage and Housing Corporation's mortgage ...
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The Governance of the Ontario Securities Commission: Lessons from International Comparisons
Securities regulators, including the Ontario Securities Commission (OSC), have been strongly vocal about the need for good corporate governance. But good governance is also important for securities regulators to ensure resources are directed towards ...
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OSC's Regulation Everywhere Philosophy Threatens Markets
Appeared in the Financial Post, August 21, 2002 Howard Davies, the chairman of the U.K. Financial Services Authority, once said in a speech, Unless you have a clear idea of why you regulate, then you run serious risks of being deflected into unprofitable ...
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Too Many Regulators Spoil the Market
Appeared in the Financial Post, July 30, 2002 Fragmented across thirteen provincial and territorial jurisdictions, the framework unleashes punishing regulatory and compliance costs on anyone that dares enter Canadas capital markets. Many commentators ...
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So Much for BC Deregulation
Appeared in the Financial Post, July 18, 2002 Does your neighbor have a problem with crabgrass this summer? Why not protect yourself by pouring concrete over your lawn? To some, that might seem like a radical solution. However, Canadian provincial and ...
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Big OSC Costs. Benefits?
Appeared in the Financial Post, May 31, 2002 One has to wonder how serious the Crawford Committee is about this recommendation. Its report contains no cost-benefit analysis on the numerous recommendations in their report which, if implemented, would lead ...
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A Recipe for Better Corporate Governance
But to date, the effectiveness of these rules has been low. For example, according to a recent Business Week article, the independent audit committees, which are required for listing on major US exchanges, commonly use a disclaimer to cover themselves, ...
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Transparency in Securities Regulation
But when it comes to the performance of Canadas self-regulatory organizations (SROs), such as the Toronto Stock Exchange (TSX) or Investment Dealers Association, the policy of the CSA is to keep investors in the dark. SROs perform a number of ...
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Capturing the Benefits of Market Discipline
Over the past decade, oversight of the SROs has become tighter. For example, oversight of Canadian exchanges formerly consisted of approvals for changes to rules and bylaws, but over the last decade the commissions have moved towards a much more micro ...