We have placed a petition on line in relation to the Canadian Regulatory system and it can be found at
http://www.PetitionOnline.com/rgh963...
It is shortened significantly from previous drafts due to length as many may not bother reading a book so to speak. If you agree with it please sign it and pass on the Address to whosoever or wherever you feel it may increase the amount of exposure. It reads as follows:
In light of current market conditions this petition is being presented to convey to those in authority that the failure of the current regulatory system in Canada to aggressively pursue securities enforcement, has likely contributed to the current financial crisis.
Recent discussion by Canadian politicians of creating a unified and central National Securities Regulatory System in Canada, while honorable, is simply not enough to address the systemic issues that are present within this organization. Discussion does however clearly indicate that the Canadian government has at least begun to acknowledge a problem exists. Simple creation of a central regulatory system in Canada will not begin to adequately address the underlying factors that have contributed to the current dysfunctional system. This would simply bring those responsible for the current ineffective system to a central location where they could continue to create the growing belief that Canada is a good country for crooks and thieves to do business. Considering Canada’s abysmal track record in bringing white collar corporate criminals to justice it is quite apparent that more has to be done to protect investors from unfair, improper and fraudulent practices in the market place. Any changes to the current system should include:
- The resignation and replacement of current regulators with new appointees. Appointees who are barren of any and all conflicts of interests arising from previous employment or connections with those in positions of power within the financial industry. This would enable regulators to strive towards fulfilling stated mandates without bias or conflict. Reluctance to bring friends and former colleagues to justice is possibly one key factor in Canada’s dismal record of aggressively pursuing white collar corporate criminals. When comparing Canada and the United States for example, statistics show that between 2002 and 2007 the US Securities Commission had convicted 1236 corporate criminals while the RCMP in Canada have only convicted 2.
- The regulatory system in Canada should be a transparent agency that provides clear avenues of accountability for the public. The current Government has the authority and the obligation to act in the best interests of the Canadian Public and should take immediate steps to restructure the Canadian regulatory system. Those that indulge in unfair, improper and fraudulent practices need to be aggressively pursued, with higher fines and increased penalties put in place for those who contravene regulations.
- A system created whereby politicians and regulators can be held accountable when blatant lack of securities enforcement occurs.
This petition will be presented to Stephen Harper, Prime Minister of Canada, opposition parties, the Canadian Broadcasting Corporation, ombudsman’s offices as well as members of parliament when completed.
Sincerely,
