While the attempt to eliminate interprovincial trade barriers has been on the government’s agenda since 1867 (no, seriously), Jim Flaherty took yet another stab at creating a national securities regulator – despite being shut down by the Supreme Court the last time. This time, however, he’s not imposing a system from Ottawa – he’s working with provinces to create a “cooperative capital markets regulatory system,” that ensures that each level of government give up their own powers to this new body, and he’s got Ontario and BC signed on, meaning it has oversight over some 90 percent of industry in the country already. While most other provinces will likely come aboard in short order, Quebec and Alberta remain opposed for the time being. It will likely be discussed further this weekend at a federal-provincial finance ministers’ meeting. John Geddes looks at Flaherty’s journey to this point, while economist Stephen Gordon points out that our patchwork of regulations may not be our biggest problem – but a national regulator can’t hurt.

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