HARMONIZATION AND STANDARDIZATION
A widely used tool in law and development programs is the supply of well-designed laws from other jurisdictions. This method has been embraced by organizations around the world as a way to improve the legal framework for global markets, through attempts to develop legal standards with an emphasis on corporate and financial institution laws.
Winnipeg Chamber of Commerce Recommendations:
- Implement some form of Federal Securities Act, national policy or national instrument, which would be enforced by provincial securities commissions. This would give provinces the ability to grant exemption orders and reduce the regulatory burden only when necessary, but would not allow them to raise the level of regulation above the national standard.
- Evaluate all current provincial rules and regulations. The Manitoba Securities Commission and the provincial government should attempt to harmonize these rules and regulations with those nationally, unless they can effectively justify the need for a local difference.
Adopted by The Winnipeg Chamber of Commerce board of directors, June 2003