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Finance Minister Jim Flaherty signalled at least partial victory in his struggle to create a national securities regulator, saying he intends to proceed with establishing a new body in the new year with any province that cares to join.

“We are going to go ahead and create a Canadian securities regulator,” Mr. Flaherty told reporters Wednesday after the Conservative government unveiled the broad strokes of its agenda in the Speech from the Throne. “We're going to do this with willing partners.”

The comments were Mr. Flaherty's most definitive on how he intends to resolve an issue that has frustrated finance ministers for decades. The remarks suggest he's confident he has persuaded a critical mass of the country's 13 provinces and territories to yield at least some of their authority when it comes to the regulation of the selling of stocks and other securities.

Prime Minister Stephen Harper also chose to highlight his government's commitment to a national regulator in Wednesday's Throne Speech, important symbolism in political circles.

“We are very pleased with the leadership we are seeing out of Ottawa and the goodwill in provincial capitals,” Bank of Montreal chief executive officer Bill Downe said in a statement issued in Toronto. “While there are legitimate issues to resolve, it's time to get this done, so that Canada can speak with greater clarity on the international stage. This is a welcome development.”

So far, Ontario has been the only province that backed Mr. Flaherty's bid to establish one regulator with responsibility for the entire country. The Finance Minister declined to say how many new commitments he had, beyond confirming the number is “more than one.”

The scenario that appears most likely is a regulator that would include participation from a large group of provinces and territories – with the notable exception of Quebec.

Premier Jean Charest's government remains opposed to ceding any of its authority to regulate securities. Alberta Premier Ed Stelmach also said Wednesday that he opposes a national regulator because he believes the province's junior oil companies would be given short shrift by an agency focused on stock trading in Toronto.

Other opponents, however, are softening.

British Columbia Premier Gordon Campbell said in a television interview earlier this month that the global financial crisis has shown that provinces – including his own – need to rethink their positions on securities regulation.

Manitoba Finance Minister Greg Selinger told the Winnipeg Free Press that he would go along with a national regulator as long as provinces got to retain their securities commissions to retain a role in overseeing local markets.

“Given the financial crisis going on, it is very clear we need to manage risk better,” Mr. Selinger said in a story the newspaper published Wednesday.

Mr. Flaherty said that he won't make a final decision before he reviews with his provincial counterparts the conclusions of an independent panel on securities regulation that he said will report in early January.

No one will be forced to join, he said.

“We would welcome them to join us and work with us,” Mr. Flaherty said when asked about Quebec's opposition. “Those who do not choose to will not join.”

With files from Tara Perkins and Richard Blackwell in Toronto.