Teachers’ supports plans for co-operative capital markets regulatory system
TORONTO – Ontario Teachers' Pension Plan (Teachers') today voiced its support for federal Finance Minister Flaherty's plan to set up a co-operative securities regulator and encourages other provinces and territories to join British Columbia and Ontario to create a truly national organization.
"We applaud the efforts of Michael de Jong, B.C. Minister of Finance, and Charles Sousa, Ontario Minister of Finance, to show leadership on this initiative," said Jim Leech, President and CEO.
As a significant participant in global capital markets, Teachers' contends that Canada needs more efficient and transparent capital markets and that the current fragmentation of the Canadian regulatory system must be addressed. Teachers' will continue to advocate for more consistency in Canadian regulatory policy and legislation, through a workable and constitutional regulatory model.
In 2010, Teachers' expressed support for the proposed national Securities Act that sought to establish a national securities regulator. It was an intervenor at hearings by the Supreme Court of Canada, which issued an opinion in December 2011 that the proposed Act was unconstitutional.
With $129.5 billion in net assets as of December 31, 2012, the Ontario Teachers' Pension Plan is the largest single-profession pension plan in Canada. An independent organization, it invests the pension fund's assets and administers the pensions of 303,000 active and retired teachers in Ontario. For more information, including our 2012 and previous annual reports, visit www.otpp.com. Follow us on Twitter: @OtppInfo