The Globe and Mail reports in its Monday edition that the Bank of Canada calls the country's poor productivity a national emergency. Guest columnists Andrew Auerbach and Jean Blacklock write that part of the problem is Canada's fractured securities jurisdictions, and there are stark differences in launching a company in Canada compared with the United States. The processing-time objective is 120 business days with the Ontario Securities Commission compared with 45 calendar days in the U.S. with the Securities and Exchange Commission. This means that registration of an investment-counselling firm in Canada's most populous province takes four times as long as an independent firm in the U.S. The Canadian environment is far more complex, with self-regulatory organizations and provincial securities commissions; a more streamlined approach is needed. The U.S. has a centralized regulatory framework for securities and investment management through the SEC, which oversees all aspects of securities markets, including mutual funds, investment advisers and brokers. Investment-management firms in Canada must navigate the regulatory requirements of multiple jurisdictions, whereas in the U.S., they deal primarily with the SEC.