Flaherty sees national securities regulator as a 'priority'

The Conservative government wants to appoint a national stock market regulator "on a priority basis."

The idea of a single stock market regulator has been tossed around for years, but the many proposals have been lost in interprovincial rivalries.

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But Finance Minister Jim Flaherty wants to sit down with the provinces and work out a solution that would suit every stakeholder.

"The minister of finance will engage with provinces and territories on this issue on a priority basis," the budget documents said.

"The government of Canada believes that Canadians would best be served by a common securities regulator that administers a single code, is responsive to regional needs and has a government structure that ensures broad provincial participation," the government said in the federal budget delivered Tuesday.

A common regulator would also foster more responsive policy-making, improve market efficiency, eliminate duplication, provide common standards of investor protection and strengthen Canada's voice in international discussions on regulatory standards.

The provinces of British Columbia, Alberta and Quebec have tended to oppose the idea of a single regulator because they fear that Ontario would run the show.