Latest news with #CanadianSecuritiesAdministrators
National Observer
3 days ago
- Business
- National Observer
Open letter asks regulators to restart climate disclosure work
A group of 80 women leaders in business and civil society have called on Canadian securities regulators to resume work on climate disclosures. In an open letter organized by Women Leading on Climate, the signatories say the "abrupt" April decision by regulators to halt the work puts the economy at risk. The proposed rules require companies to report their emissions, outline the risks and opportunities they face from climate change and their strategy for managing them so investors have the information they need. The Canadian Securities Administrators said it indefinitely suspended work on disclosures to focus on making markets more competitive, efficient and resilient. Signatories to the letter including University Pension Plan CEO Barbara Zvan, George Weston Ltd. director Barbara Stymiest and Climate and Nature Solutions chief executive Catherine McKenna say disclosures are about making Canada competitive. Stymiest, who was also previously CEO of TMX Group Inc., says in a statement that jurisdictions representing more than half of the world's GDP are moving toward globally-aligned standards, and Canada risks losing out on investments without them. 'Canada is a small fish, and we need global capital. We don't have the luxury of dropping out while everyone else is stepping up,' she said. The decision by Canadian regulators to halt the push for disclosures was a surprise because the work is about making markets function properly, said McKenna. 'It's related to ensuring that you have efficient markets, that you are promoting competitiveness and you're building resilience,' she said in an interview. 'So it's kind of weird that while the world is moving on, and all these jurisdictions are moving forward, we have Canada's securities regulators saying, actually, we're going to take a pause at a time when climate change is getting worse.' The reversal by the CSA did come after US regulators also halted climate disclosure efforts, but the open letter says it crucial for Canada to distinguish itself at this time. 'There has never been a more important moment for Canada to show the world that it is open and ready for business. Adopting a globally-aligned climate disclosure standard will send that signal.'
Winnipeg Free Press
3 days ago
- Business
- Winnipeg Free Press
Open letter calls on regulators to restart climate disclosure work
TORONTO – A group of 80 women leaders in business and civil society have called on Canadian securities regulators to resume work on climate disclosures. In an open letter organized by Women Leading on Climate, the signatories say the 'abrupt' April decision by regulators to halt the work puts the economy at risk. The proposed rules require companies to report their emissions, outline the risks and opportunities they face from climate change and their strategy for managing them so investors have the information they need. The Canadian Securities Administrators said it indefinitely suspended work on disclosures to focus on making markets more competitive, efficient and resilient. Signatories to the letter including University Pension Plan CEO Barbara Zvan, George Weston Ltd. director Barbara Stymiest and Climate and Nature Solutions chief executive Catherine McKenna say disclosures are about making Canada competitive. Stymiest, who was also previously CEO of TMX Group Inc., says in a statement that jurisdictions representing more than half of the world's GDP are moving toward globally-aligned standards, and Canada risks losing out on investments without them. 'Canada is a small fish, and we need global capital. We don't have the luxury of dropping out while everyone else is stepping up,' she said. The decision by Canadian regulators to halt the push for disclosures was a surprise because the work is about making markets function properly, said McKenna. Monday Mornings The latest local business news and a lookahead to the coming week. 'It's related to ensuring that you have efficient markets, that you are promoting competitiveness and you're building resilience,' she said in an interview. 'So it's kind of weird that while the world is moving on, and all these jurisdictions are moving forward, we have Canada's securities regulators saying, actually, we're going to take a pause at a time when climate change is getting worse.' The reversal by the CSA did come after U.S. regulators also halted climate disclosure efforts, but the open letter says it crucial for Canada to distinguish itself at this time. 'There has never been a more important moment for Canada to show the world that it is open and ready for business. Adopting a globally-aligned climate disclosure standard will send that signal.' This report by The Canadian Press was first published June 3, 2025.
Hamilton Spectator
3 days ago
- Business
- Hamilton Spectator
Open letter calls on regulators to restart climate disclosure work
TORONTO - A group of 80 women leaders in business and civil society have called on Canadian securities regulators to resume work on climate disclosures. In an open letter organized by Women Leading on Climate, the signatories say the 'abrupt' April decision by regulators to halt the work puts the economy at risk. The proposed rules require companies to report their emissions, outline the risks and opportunities they face from climate change and their strategy for managing them so investors have the information they need. The Canadian Securities Administrators said it indefinitely suspended work on disclosures to focus on making markets more competitive, efficient and resilient. Signatories to the letter including University Pension Plan CEO Barbara Zvan, George Weston Ltd. director Barbara Stymiest and Climate and Nature Solutions chief executive Catherine McKenna say disclosures are about making Canada competitive. Stymiest, who was also previously CEO of TMX Group Inc., says in a statement that jurisdictions representing more than half of the world's GDP are moving toward globally-aligned standards, and Canada risks losing out on investments without them. 'Canada is a small fish, and we need global capital. We don't have the luxury of dropping out while everyone else is stepping up,' she said. The decision by Canadian regulators to halt the push for disclosures was a surprise because the work is about making markets function properly, said McKenna. 'It's related to ensuring that you have efficient markets, that you are promoting competitiveness and you're building resilience,' she said in an interview. 'So it's kind of weird that while the world is moving on, and all these jurisdictions are moving forward, we have Canada's securities regulators saying, actually, we're going to take a pause at a time when climate change is getting worse.' The reversal by the CSA did come after U.S. regulators also halted climate disclosure efforts, but the open letter says it crucial for Canada to distinguish itself at this time. 'There has never been a more important moment for Canada to show the world that it is open and ready for business. Adopting a globally-aligned climate disclosure standard will send that signal.' This report by The Canadian Press was first published June 3, 2025.
Yahoo
3 days ago
- Business
- Yahoo
Open letter calls on regulators to restart climate disclosure work
TORONTO — A group of 80 women leaders in business and civil society have called on Canadian securities regulators to resume work on climate disclosures. In an open letter organized by Women Leading on Climate, the signatories say the "abrupt" April decision by regulators to halt the work puts the economy at risk. The proposed rules require companies to report their emissions, outline the risks and opportunities they face from climate change and their strategy for managing them so investors have the information they need. The Canadian Securities Administrators said it indefinitely suspended work on disclosures to focus on making markets more competitive, efficient and resilient. Signatories to the letter including University Pension Plan CEO Barbara Zvan, George Weston Ltd. director Barbara Stymiest and Climate and Nature Solutions chief executive Catherine McKenna say disclosures are about making Canada competitive. Stymiest, who was also previously CEO of TMX Group Inc., says in a statement that jurisdictions representing more than half of the world's GDP are moving toward globally-aligned standards, and Canada risks losing out on investments without them. 'Canada is a small fish, and we need global capital. We don't have the luxury of dropping out while everyone else is stepping up,' she said. The decision by Canadian regulators to halt the push for disclosures was a surprise because the work is about making markets function properly, said McKenna. 'It's related to ensuring that you have efficient markets, that you are promoting competitiveness and you're building resilience,' she said in an interview. 'So it's kind of weird that while the world is moving on, and all these jurisdictions are moving forward, we have Canada's securities regulators saying, actually, we're going to take a pause at a time when climate change is getting worse.' The reversal by the CSA did come after U.S. regulators also halted climate disclosure efforts, but the open letter says it crucial for Canada to distinguish itself at this time. 'There has never been a more important moment for Canada to show the world that it is open and ready for business. Adopting a globally-aligned climate disclosure standard will send that signal.' This report by The Canadian Press was first published June 3, 2025. Ian Bickis, The Canadian Press
Globe and Mail
23-05-2025
- Business
- Globe and Mail
Groups representing investment managers urge regulators to harmonize provincial securities regulations
Groups representing Canada's investment management industry are urging provincial regulators to reduce interprovincial trade barriers by harmonizing their securities regulations. CFA Societies Canada and the Portfolio Management Association of Canada argue in a letter sent Thursday to the Canadian Securities Administrators that significant differences in securities regulations between provinces are hampering the investment management sector's contribution to the country's economy. 'We believe 'the moment' Canada is facing both economically and geopolitically requires thoughtful but urgent action to address longstanding issues. A more harmonized securities regulatory environment in Canada will benefit the Canadian economy and the public interest,' says the letter to the CSA, an umbrella organization comprised of provincial securities regulators. The Portfolio Management Association of Canada represents regulated portfolio management firms, while CFA Societies Canada represents the country's CFA charter-holders and its 12 member societies. In recent months, federal and provincial governments have taken steps to remove interprovincial trade barriers and bolster the Canadian economy. Prime Minister Mark Carney has said that dismantling the barriers could help offset the effects of U.S. President Donald Trump's tariffs. The Ontario government introduced legislation last month to begin tackling such barriers. 'There's an incredible well of energy around not-business-as-usual-type thinking right now,' said Michael Thom, managing director of CFA Societies Canada, in an interview. 'And if we let that moment pass, it'll be gone, and we will all regret not having pounced on that moment.' For instance, all Canadian securities regulators except Ontario have adopted a passport system that allows companies or individuals to deal with only one principal regulator when filing a prospectus or seeking exemptions. 'Ontario is the centre of Canadian capital markets, and so that represents a significant duplication of efforts and significant complexity for registrants to navigate,' Mr. Thom said. In his view, the burden of fragmented securities regulations falls inordinately on investment managers, as more effort has been made to streamline the process for publicly traded companies. Previous efforts to address regulatory fragmentation by creating a national securities regulator have failed. In 1935, the Royal Commission on Price Spreads recommended the creation of a pan-Canadian securities regulator. Since then, a number of attempts have been made to create such an entity, but none have succeeded. The most recent of those attempts, dubbed the Capital Markets Regulatory Authority, had buy-in from five provinces but was staunchly opposed by Alberta and Quebec. Katie Walmsley, president of the Portfolio Management Association of Canada, said good work emerged from that effort, even though the regulator never came to fruition. 'There's an inventory of these interprovincial differences that, with renewed effort, energy, resources, if somebody were to focus on, they could identify ones that would really make a difference to the Canadian economy,' Ms. Walmsley said. But she and Mr. Thom aren't advocating for another attempt at a national regulator. 'I don't think we need it to accomplish the objectives that we've set out,' he said. 'Ultimately, you can achieve the same ends – a common, singular regulatory experience – through harmonization.'
