Finance Minister Jim Flaherty has highlighted his plan for the setting up a national securities regulator witnessing huge criticism against him from Alberta and Quebec - which might put a few twists in the scheme, however, are not likely to abandon it, cited an expert.

"If Alberta is not participating, where does that leave you? Well, that leaves you with an unfortunate situation where the co-ordination effort is going to have to be dealt with through the offices of the people that do participate," Zordel was quoted as saying in an interview Thursday.

Currently, all 13 provinces and territories possess their own securities regulators who police financial uses for fraud and other abuses.

The Canadian securities regulatory framework has witnessed robust recognition internationally for its effective way of implementation. In fact, the Organization for Economic Co-operation and Development (OECD) tags Canada as the second in the world on the grounds of quality of securities regulation.

The new body would function under one set of rules and policies, not 13. It is aimed to be highly efficient and effective means in regulating financial markets and investment, and highly aggressive in investigating and prosecuting abuses and financial anti-social tasks.