Canada’s investment industry will get to see what a new national securities regulator might look like today when a long-awaited report is released.

A panel set up to study having a single regulator to oversee Canada’s financial markets — that would replace the current system of 13 separate provincial and territorial regulatory agencies — will release its recommendations and a model for draft legislation.

Those who favour a national regulator argue the current fragmented system is ineffective when it comes to enforcing securities regulation. They also say a national regulator would provide more transparency for investors.

Those who oppose say a national regulator is unnecessary and that the current regulation is better because of the specific needs of firms by province.

Many provinces advocate a so-called passport system that would allow each jurisdiction to continue setting policies and rules according to local needs while co-ordinating their efforts nationally.

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