Skip to main content

Finance Minister Jim Flaherty is moving ahead with his push for a national securities regulator.

Mr. Flaherty Monday named Doug Hyndman, chair of the B.C. Securities Commission, to head the transition office that will do the groundwork necessary to create the agency.

Bryan Davies, chair of Canada Deposit Insurance Corp., will serve as vice-chairman.

The finance minister pledged to create a federal regulator in his January budget that will be open to all provinces and territories that want to join.

The buying and selling of stocks and bonds is currently governed by 13 provincial and territorial bodies, a system that Mr. Flaherty says is inefficient and that creates the same sort of regulatory gaps that led to the financial crisis.

Mr. Flaherty's budget said the transition office should complete a plan that would fold in the work of provincial and territorial agencies into the federal body within a year.