Episode 11: Why Canada Has No National Regulator

Episode Summary John reveals a structural quirk that makes Canada unique among developed nations: while the U.S. has the SEC and the U.K. has the FCA, Canada has no federal securities regulator. Instead, the country relies on 13 separate provincial and territorial regulators. This episode explores the constitutional "accident" that created this fragmentation, the decades of work spent trying to harmonize the rules, and the ongoing debate between the efficiency of a single national body versus the regional expertise of local oversight.

Key Concepts

• The Constitutional Root: The 1867 division of powers gave the federal government control over "banking" and "trade and commerce,"  ...