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The Canadian Securities Industry and North American Free Trade: Legal Perspectives THE CANADIAN SECURITIES INDUSTRY AND NORTH AMERICAN FREE TRADE: LEGAL PERSPECTIVES by Philippe Fortin Thesis submitted for the Degree of Doctor of Philosophy at the London School of Economics and Political Science A School of the University of London UMI Number: U615411 All rights reserved INFORMATION TO ALL USERS The quality of this reproduction is dependent upon the quality of the copy submitted. In the unlikely event that the author did not send a complete manuscript and there are missing pages, these will be noted. Also, if material had to be removed, a note will indicate the deletion. Dissertation Publishing UMI U615411 Published by ProQuest LLC 2014. Copyright in the Dissertation held by the Author. Microform Edition © ProQuest LLC. All rights reserved. This work is protected against unauthorized copying under Title 17, United States Code. ProQuest LLC 789 East Eisenhower Parkway P.O. Box 1346 Ann Arbor, Ml 48106-1346 / £ s F 737 / POUTVC^0f I, AND feoMlCjS 5 § ^ 2_ 2 ABSTRACT The revolution in the financial sen/ices sector is dramatically changing the way in which the securities industry conducts its activities. With existing current differences between nations in the regulation of financial institutions acting as barriers to the efficient operation of markets, cooperation among governments is needed to ensure that the new international setting is both stable and competitive. In North America, fresh initiatives are gradually leading towards the harmonization of regulation, particularly in the securities sector. As a result, the industry must adjust itself to this newly evolving reality. The aim of this paper is to focus on the principles regulating the Canadian securities industry in its newest configuration under a North American free trade area. To begin the study, a picture is drawn of the Canadian securities industry itself and of the events leading to the arrival of what is hoped to be an eventual hemispheric free trade area. With the internationalization of Canada’s financial markets, Canadian policymakers (both at the federal and provincial levels) have had to make efforts to harmonize and coordinate financial regulation affecting the securities industry. These efforts were accompanied by a series of undertakings leading towards an indisputable "Americanization" of Canadian securities policies. On another level, an assessment is made of the two most recent developments leading to a lowering of barriers to trade in financial services and to the establishment of foreign financial institutions in North American domestic markets. These are the Canada-U.S. Free Trade Agreement and the North American Free Trade Agreement. Finally, the work examines the impact of North American free trade on the way the players Canadian securities industry now operate at home, in the U.S. as well as in Mexico. In the end, the conclusions help to put in perspective the level of progress attained by Canadians in view of global and regional competition. 3 TABLE OF CONTENTS Page ABSTRACT ......................................................................................................... 2 TABLE OF CONTENTS ...................................................................................... 3 LIST OF TABLES................................................................................................ 8 ACRONYMS ................................................. 9 PERIODICAL ABBREVIATIONS ....................................................................... 11 ACKNOWLEDGEMENTS ................................................................................... 15 INTRODUCTION ................................................................................................ 16 PART I: THE CANADIAN SECURITIES INDUSTRY IN THE CONTEXT OF THE LIBERALIZATION OF TRADE IN FINANCIAL SERVICES................................................................................... 29 TITLE I: SETTING THE STAGE .................................................................... 29 CHAPTER I: The Nature of Trade In Services In Relation to the Securities Industry ............................................................ 29 1. Preliminary Observations: Trends in the International Financial Marketplace and Changes Affecting Capital M arkets ...................... 30 CHAPTER II: The Free Trade Era .......................................................... 36 1. North American Economic Integration............................................ 36 2. Structure of the Three Economies................................................ 39 3. The Canada-United States Free Trade Agreement: The Rise of a Phoenix...................................................................................... 44 3.1 Background and Rationale for a F T A ................................... 44 3.1.1 United States’ Rationale ......................................... 49 3.1.2 Canada’s R ationale ............................................... 51 4. The North American Free Trade Agreement: A Challenge from the South ...................................................................................... 53 4.1 Background and Rationale for a NAFTA ...............................53 4 Page 4.1.1 Mexico’s Rationale................................................. 57 4.1.2 United States’ Rationale ............................................59 4.1.3 Canada’s R ationale ............................................... 61 5. A Hemispheric Integration: The Rhythm of the Future.................. 65 TITLE II: TOWARDS THE EMERGENCE OF A "NORTH AMERICAN" SECURITIES BUSINESS.............................................................. 71 CHAPTER I: The Changing Face of the Canadian Securities Industry — Impact of the Liberalization of Financial Services on the Canadian Regulatory Provisions Governing the Ind u stry ............................................................................. 72 1. The Canadian Composition of the Securities Industry .................. 76 1.1 The Investment Dealers.................................................... 77 1.2 The Canadian Chartered Banks ............................................ 82 1.2.1 Schedule I (or Domestic) Chartered Banks ..............82 1.2.2 Schedule II (or Foreign) Chartered B a n k s............. 86 2. North American Trade Liberalization and the Canadian Regulatory Structure Relating to the Securities Industry: Constitutional Questions .............................................................. 89 3. Recent Evolution of Provincial and Federal Laws Impacting on the Canadian Securities Industry ................................................. 94 3.1 Key Provincial Reform s...................................................... 95 3.2 Key Federal Reforms ........................................................ 97 3.3 Towards a Canadian Securities Commission ................. 114 CHAPTER II: Indirect Consequences of North American Free Trade: The "Americanization" of Canadian Securities Policies .. 123 1. The Influential Role Played by the Securities and Exchange Commission ............................................................................... 126 2. Major Identifiable American Regulatory Impacts on Canadian Securities Law ........................................................................... 132 5 Page 2.1 Cooperation in Enforcement........................................... 132 2.2 The Multijurisdictional Disclosure S ystem ........................ 133 2.3 Other Canadian Regulatory Initiatives Responding to the North Americanization of Securities P o lic y ...................... 138 PART II: FREE TRADE AGREEMENTS IN NORTH AMERICA AND FINANCIAL SERVICES IN RELATION TO THE SECURITIES INDUSTRY................................................................................. 140 TITLE I: THE CANADA-U.S. FREE TRADE AGREEMENT....................... 140 CHAPTER I: The Prevalent Situation Before the Negotiations............. 140 CHAPTER II: Negotiation Objectives of Both C ountries........................ 143 1. American Demands ...................................................................... 144 2. Canadian Demands ...................................................................... 145 2.1 The Case of the Glass-Steagall A ct ................................ 146 2.2 Other Canadian Demands ............................................... 148 CHAPTER III: Negotiation Results.......................................................... 149 1. Specific Commitments of Both Countries.................................... 154 2. Canadian Gains: Minimal and Symbolic ...................................... 155 3. American Gains: Much More Considerable .................................. 159 4. A Balanced Exchange of Concessions? ...................................... 166 TITLE II: THE NORTH AMERICAN FREE TRADE AGREEMENT ............ 174 CHAPTER I: The Prevalent Situation Before the Negotiations............. 174 CHAPTER II: Negotiation Objectives of All Three C ountries................. 175 1. Mexican Demands ........................................................................ 175 2. American Demands ...................................................................... 177 3. Canadian Demands ...................................................................... 178 CHAPTER III: Negotiation Results.......................................................... 180 6 Page 1. Major Principles of the Agreement on Financial Services 183 1.1 National Treatm ent ........................................................... 186 1.2 Market A cce
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