Negotiating points: Single regulator

Alberta premier Ed Stelmach's statement opposing proposals for a single national regulator is an opportunity for supporters of a "Triple E" senate.

Ontario, in particular, is leading the push for the single national regulator; however, the BNA Act allocated this responsibility to the provinces. The creation of a single national regulator would require the consent of seven provincial governments, representing more than 50% of the population. With the western provinces supporting the "passport" system (under which certification by one provincial authority is recognized by the other provincial securities commissions), such an amendment is unlikely.

Meanwhile, support for Senate reform, strong in the praries and British Columbia, remains a low priority in Ontario, and anathema in Quebec.

Supporters of Senate reform have an opportunity. They should adjust their position on the single regulator and push for such a regulator to be overseen solely by the Senate, subject to that body being elected with equal representation by province.

Tying these issues together would ensure that Ontario would focus more on the issue, and would ease concerns of premiers from the praries and British Columbia against central Canadian control of what is now a provincial responsibility.