Can Canada ever have one market regulator?

I sit on the Board of the Exempt Market Dealers Association which works with the Ontario Securities Commission to develop regulation of the private placement market. The Board has 21 Directors, most of whom are lawyers. Before you groan, I must rush to say that it is a pleasure working with smart, articulate and often wryly amusing worsmiths, because lawyers are wordy.
The Exempt Market Dealers Association is a national body, even though Canada actually has 13 regulators. Apparantly we are the only country in the world with more than one securities commission, and who is our companion country?
Bosnia! Not great company, one could say.
So What is the purpose of the Exempt Market Dealers' Association?

1. To protect investors from unfair, improper, or fraudulent practices; 
2. To foster fair and efficient capital markets and confidence in those markets.

What do you think of these guiding principals?

• facilitating the reduction of systemic risk, including through monitoring of systemic events or developments and cooperation and coordination with other financial authorities; 
• recognizing that the business and regulatory costs and other restrictions on the business and investment activities of market participants should be proportionate to the benefits sought to be realized;
• maintaining the competitive position of Canada’s capital markets, which is desirable as capital markets are international in character; facilitating innovation in Canada’s capital markets; 
• promoting the informed participation of investors in the capital markets to support effective and responsive securities regulation; 
• recognizing regional markets and sectors.

Morley Salmon passes leadership of EMDA to Brian Koscak