So much for mobile, acces­sible capital for growing Canadian businesses…

Alberta Premier Ed Stelmach poured cold water yesterday on federal Finance Minister Jim Flaherty’s push for a nationwide securities regulator, saying he has no interest in moving beyond an alter­native system provinces have set up.

He said he’s content to stick with the “passport system” — arranged by all provinces except Ontario — that synchro­nizes securities approvals but allows 13 separate securities commis­sions to remain.

That’s right — thirteen separate securities commis­sions for Canada, each one a fiefdom unto itself in terms of enforcing securities legis­lation. Restricting the flow of capital through a country quickly falling behind its core G8 competitors.

Alberta’s support is considered crucial to forming a single securities regulator because companies headquar­tered in the province have the second-biggest market capital­ization of any juris­diction in Canada.

Ontario is the largest in terms of market cap, but Alberta is growing quickly on the strength of oil sands devel­opment.

According to Canada’s Department of Finance:

In December 2003 the Wise Persons’ Committee presented its report recom­mending that the federal and provincial govern­ments collab­orate to establish a single securities regulator in Canada. The federal government continues to work with the provinces towards the devel­opment of a single securities regulator to promote greater efficiency in Canada’s capital markets.

C’mon guys, they don’t call them wise persons for nothing!

What do you think? Is there any hope for a single regulator in Canada to rival the SEC in the US and the FSA in the UK?