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A spokesman for Nova Scotia’s Finance Department said that Finance and Treasury Board Minister Diana Whalen wants to have more talks with industry stakeholders about the possibility of joining the voluntary regulator scheme.Sabrena MacKenzie/The Canadian Press

In the wake of Saskatchewan's public declaration that it will likely join the voluntary national securities regulator, the expectation is other provinces may follow suit.

One, Nova Scotia, had drawn some speculation in recent days. And recently, the province's largest newspaper, the Halifax Chronicle Herald, called for the province to join up with the regulator. However, the Maritime province says it is not ready to commit one way or the other.

Andrew Preeper, a spokesman for the province's Finance Department, said "the possibility of taking part in a co-operative regulator is being discussed and considered, but no decision has been made." He said that Nova Scotia Finance and Treasury Board Minister Diana Whalen wants to have more talks with industry stakeholders.

Should Saskatchewan join, it would be the first addition to the original two provinces – Ontario and British Columbia – that were on board when the federal government announced the idea last year. The so-called Co-operative Capital Markets Regulator (CCMR) is a response to the federal government's inability to force the creation of a national regulator.

The head of the Investment Industry Association of Canada said he thought that Saskatchewan's openness to joining the CCMR would prompt other provinces to come forward.

Saskatchewan's Justice Minister, Gordon Wyant, also said on Wednesday that he expected the Saskatchewan decision to sway other provinces.

"There's a lot of other jurisdictions waiting to see what we're doing," said Mr. Wyant.