Statement by The Honourable John Manley, President and CEO of the Canadian Council of Chief Executives, on today’s announcement that Saskatchewan and New Brunswick have joined the Cooperative Capital Markets Regulatory System:

“The idea has been around since 1935, but this morning we are a major step closer to a common national securities regulator. The governments of Saskatchewan and New Brunswick clearly recognize the need to modernize our country’s capital markets. Their decision to join British Columbia, Ontario and Canada in jointly establishing a Cooperative Capital Markets Regulatory System is a vote for innovation and much-needed reform.

“Efficient and dynamic capital markets are vital to economic growth and job creation. A common regulator will boost Canadian competitiveness by eliminating duplication, reducing unnecessary red tape and compliance costs, and enhancing oversight. For all these reasons, modernizing the existing patchwork of regulators will strengthen Canada’s attractiveness as a destination for business investment.

“Equally important are the benefits for small, innovative firms that have the capacity to grow. The new Capital Markets Regulatory System will make it easier for them to access the capital they need to expand, create jobs and pursue new markets for Canadian goods and services.

“I want to congratulate all five governments for their leadership and spirit of cooperation – and I urge all other provincial and territorial governments to join this important and historic initiative.”

Founded in 1976, the CCCE is the senior voice of Canada’s business community, representing 150 chief executives and leading entrepreneurs in all sectors and regions of the country. Its member companies collectively employ 1.5 million Canadians and are responsible for most of Canada’s private sector investments, exports, workplace training and research and development.