National securities regulator would address regional concerns: Hockin

The head of a panel calling for a national securities regulator responded Tuesday to head off criticism of the idea coming from some provincial governments.

Tom Hockin, who unveiled his proposals on Monday, said a new national securities regulator would not be "Toronto-centric."

Speaking in Calgary, Hockin said concerns from the Alberta government would be dealt with in a new regulatory body.

On Monday, Alberta Finance Minister Iris Evans said a national regulator would amount to an intrusion in provincial affairs.

"We will continue to oppose, through all available avenues, including legal action if necessary, any move toward establishing a single national regulator," she said.

Quebec Premier Jean Charest also insisted the matter is the province's jurisdiction.

The proposed unified securities regulator received some provincial support from the governments of British Columbia and Ontario, though both provinces qualified their support. B.C. said it was still waiting to see the details, while Ontario Finance Minister Dwight Duncan said he expected the body would be headquartered in Toronto, given the city's importance to capital markets.