Who is protecting the investors' wallets? Talking about a national securities regulator for 10 years and minor fines, don't protect investors.

"This makes no sense. Canada is one of the only industrialized countries without a national securities commission. We look like a financial backwater, and that's bad for business and investors.

In the wake of corporate scandals such as Enron and WorldCom, we can no longer afford to let petty provincial rivalries frustrate long-overdue change. Ontario is right to reject cosmetic tweaking of Canada's securities regime and to hold out for true reform. To that end, it is assembling a panel to study how a national securities regulator might work."