[ID:nTKF003255] The Phish loss had first been flagged by the Nikkei

[ID:nTKF003255] The summarizes big phish loss had guitar tab indicates first been flagged by the Nikkei business daily. The benchmark Nikkei .N225 lost 365.66 points to 8,471.14,after it slipped 0.5 percent on Friday and booked its firstweekly decline in a month The broader Topixshed 4 percent to 820.63. The Dow Jones industrial average .DJI fell 1.5 percent onMonday amid concerns about the earnings season, while the dollarfell 1.3 percent to 89.10 yen JPY=, just above a three-week lowand near December's 13-1/2-year trough just above 87 yen. Investors fret over a stronger yen as it eats into exporters'overseas profits when repatriated. Canon lost 6.4 percent to 2,930 yen after the chairman of theworld's largest digital camera maker said its year-end holidaysales were "disappointing" and he expected a difficult 2009 as aneconomic downturn hits consumer demand.

[ID:nSEO280057] Automakers also fell, with Toyota Motor Corp (7203.T)skidding 5.5 percent to 2,900 yen emil's phish . Nippon Steel Corp (5401.T), the world's second-biggest steelmaker, declined 4.6 percent to 292 yen after its chairman said onSunday it is likely to reduce output further as it struggles withweak demand and pressure for price cuts from battered automakers.[ID:nSEO179458] (Reporting by Aiko Hayashi; Editing by Edwina Gibbs) Stocks bass tabs . (Updates with Finance Minister comment) Stocks  |  Regulatory News  |  Bonds By Louise Egan OTTAWA, Jan 12 (Reuters) - Canada should push ahead withefforts to create a national securities regulator withoutnecessarily waiting for consent from provinces opposed to theidea, a government-commissioned panel recommended on Monday trey anastasio band . The panel said the global financial crisis highlights theneed for a single Canadian regulator that can move with greaterspeed to address financial instability gin and juice . "This is a report that speaks the language of modernfinancial markets," said Finance Minister Jim Flaherty, whocreated the panel in February 2008..

Canada is the only developed nation in the world that doesnot have an overarching regulatory body that oversees capitalmarkets emils phish . Instead, it has a patchwork system of 13 provincial andterritorial regulators that requires companies to filedocuments such as prospectuses and financial statements in eachjurisdiction separately you enjoy myself . Provincial opposition, particularly from French-speakingQuebec, has traditionally hindered efforts to reform thesystem bouncing around the room . "It's time to give investors a stronger voice with betterenforcement and quicker response jon fishman . It's time to create a commonsecurities regulator, applying one set of principles, one setof rules, one set of fees," the panel's chairman, Tom Hockin,told a Vancouver business group. Critics of the current provincial-regulation system,including Flaherty, argue it adds unfair costs to investors andmakes it harder from companies to raise capital. COALITION OF THE WILLING The panel's report contained model legislation for thecreation of a national securities regulator with "willing"provinces, even if there is no unanimous agreement.The panel stressed that such a structure would be strictlytemporary.

However, it suggests that if after an unspecified period oftime, a "sufficient" number of jurisdictions still do not joinin, that Ottawa could allow market participants to join thesingle national regime directly free phish . For example, a company operating in Quebec could choose tobe regulated by the national regulator even if Quebec is notparticipating in the regime and continues to regulate on aprovincial basis wading in the velvet sea . Once a market participant has "opted in" to the nationalregulator, it would be able to undertake a prospectusdistribution in any province or territory billy breathes . If some provinces are still holding out after a two-yeartransition period has passed following parliamentary passage ofthe new law, the panel recommends the federal government takeunilateral action to impose a new regime bathtub gin . Hockin and Flaherty defended the measures on Monday as goodfor the whole country, and predicted provinces would sign on "This is about market participants, about investors Thisis not about provincial governments," Hockin said. The panel cited constitutional experts saying the federalgovernment has the constitutional authority to regulatemarkets.

The report was welcomed by several financial industrygroups, which see the current system as needlessly costly andinefficient "At least it's defined and it's feasible . It puts a littlediscipline into the process it won't just fizzle out intonothing," said Ian Russell, president and chief executive ofthe Investment Industry Association of Canada mike gordon . "The trick is we have to get the large provinces into thisthing." Ontario -- which accounts for about 80 percent of allsecurities transactions -- reiterated its support for a singleregulator on Monday British Columbia gave preliminarysupport guitar tabs . But the oil-rich Western Canadian province of Alberta saidit was remained "steadfastly opposed to a single federalregulator", which it said would intrude on its jurisdiction . "If this is going to work, the regional differences,different attitudes towards business, different attitudestowards regulation they're going to have to be ironed out,"said Eric Kirzner, a finance professor at the University ofToronto's Rotman School of Management.