That unregulated sector once accounted for nearly half of all

Canada urged to expand financial regulatory powers

OTTAWA, Aug 26 (Reuters) Canada Canada Goose Parka men’s canada goose outlet banking regulator should license and approve cheap Canada Goose all financial instruments available to investors in the country, even if they originate in the United States, a canada goose uk black friday new report recommended on Wednesday.

The report Canada Goose Online by two economists at the Canadian Centre for Policy Alternatives, a left Canada Goose online leaning think tank, also urged the rapid creation canada goose of a single securities regulator in Canada to make sure canada goose clearance officials can properly monitor markets and detect risky behavior or excesses before they Canada Goose sale get out buy canada goose jacket of control.

A single financial markets watchdog, replacing the 13 regional regulators now in place, is a key ambition of Finance Minister Jim Flaherty and would bring under federal jurisdiction uk canada goose the banking sector. That unregulated sector once accounted for nearly half of all Canadian borrowing and includes non bank lenders as well uk canada goose outlet as hedge funds and securitized debt vehicles.

present canadian goose jacket climate of economic strain gives the finance minister his best opportunity to revise the Canada Goose Coats On Sale historic error of placing money and banking under federal jurisdiction and not also including the canada goose uk outlet regulation of all financial institutions, markets and canada goose factory sale instruments, wrote economists Douglas Peters, former chief economist at TD Bank, and Arthur Donner, a Toronto based consultant.

Peters and Donner contributions to the debate on regulatory reform come as policy makers in Canada canada goose uk shop and globally debate the best way to make financial markets Canada Goose Outlet more transparent and to set up early warning systems to prevent future financial crises.

Flaherty has pushed canada goose clearance sale for a single securities regulator but some provinces canada goose coats are pushing back, especially Quebec, which has threatened court action to thwart Ottawa plan.

As a member of the G20 group of major industrial and emerging economies, Canada has pledged to improve its market oversight by taking a or system wide view of risk rather than focusing on individual institutions. But policy makers have been tight lipped on what precise changes might be required in Canada.

The Office of the Superintendent of Financial cheap canada goose uk Institutions, known as OSFI, now Canada Goose Jackets has a mandate to ensure that federally regulated institutions have adequate capital.

If Ottawa sets up a nation wide regulator, some other types of institutions that are now provincially regulated buy canada goose jacket cheap would be brought under the federal umbrella.

Drawing on recommendations canada goose coats on sale by the Bank for International Settlements for more transparency, the economists suggest regulators protect the general public from the riskiest assets by limiting the types of instruments available to different types of buyers, ranging from the average retail investor to the most sophisticated large institutions.

Ottawa should also consider new capital requirements on all financial institutions so that they build up enough canada goose black friday sale capital to see them through bad times and also to prevent big players from dragging down the entire financial canada goose store system if they sink. (Reporting by Louise Egan; Editing by Frank McGurty).

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