Teachers’ comments on Supreme Court decision re: proposed Canadian Securities Act
TORONTO - The Ontario Teachers' Pension Plan (Teachers') today commented on the Supreme Court of Canada's opinion that the proposed national Securities Act is unconstitutional.
While we are disappointed with the outcome, we respect the court's decision. As a significant participant in global capital markets, however, Teachers' contends that Canada needs more efficient and transparent capital markets and that the current fragmentation of the Canadian regulatory system must be addressed. We will continue to advocate for more consistency in Canadian regulatory policy and legislation, through a workable and constitutional regulatory model.
Teachers' expressed support for the proposed Act that would establish a national securities regulator at Supreme Court hearings in July 2010. As the only actual investor with intervenor status in the hearings, Teachers' believes it offered a useful and different perspective.
With $107.5 billion in assets as of December 31, 2010, the Ontario Teachers' Pension Plan is the largest single-profession pension plan in Canada. An independent organization, it invests the pension fund's assets and administers the pensions of 295,000 active and retired teachers in Ontario. For more information visit www.otpp.com
Director, Communications and Media Relations
Ontario Teachers' Pension Plan