Pierre Lortie made a compelling case yesterday in Fredericton to keep the current system of provincial regulators and not move to a single national securities regulator as advocated by the current federal finance minister.
The room was packed with people but despite this the very large, gray elephant in the room stood out. There are only – a few (3?) actively traded listed companies on the TSX based in New Brunswick and very few if any listed on the TSX Venture exchange.
So Mr. Lortie’s assertion that moving to a single regulator would hurt high growth firms may be true it just wouldn’t hurt high growth firms in New Brunswick.
We have a capital markets problem in New Brunswick so the other part of the NBSC mandate, to promote capital markets – is far more interesting to me.
Capital is critical to economic development. We need to try and figure out ways to get more capital working in New Brunswick. The regulation of this stuff matters more when there are actually companies to regulate.