Securities Regulation Reference Case Materials Available on Supreme Court of Canada Website
Appeal courts in Alberta and Quebec have ruled that the proposal would violate the Constitution because it would intrude on provincial powers.
The facta of all the parties and intervenors of the case are available on the Court's website. As well, the hearings were broadcast via webcast and the webcasts are archived.
The Department of Finance has posted background material on the issue, as well as links to the proposed legislation.
Earlier Library Boy posts on the subject include:
- Webcast of University of Toronto Roundtable on Creation of a National Securities Authority (February 14, 2009): "At the end of January, the University of Toronto law faculty organized a panel discussion on the creation of a national securities regulator and the report of the federally-appointed Expert Panel on Securities Regulation (...) Citing the fact that Canada is the only developed country in the world that does not have an overarching regulatory body responsible for overseeing capital markets, the Report recommended the implementation of a single, national securities regulator (...) While Ontario and British Columbia support the creation of a single regulator, Alberta and Quebec remain opposed to the Report, arguing that the current passport system is sufficient and that a single body will intrude on the constitutional right and ability of individual jurisdictions to regulate their distinct capital markets."
- Constitutional Reference to Supreme Court of Canada on Proposed Canadian Securities Act (May 27, 2010): "The Canadian government has referred its bill to create a national securities regulator to the Supreme Court of Canada for a determination as to its constitutionality (...) The Government believes that the proposed Canadian Securities Act is a valid exercise of Parliament’s jurisdiction, and will argue that position before the SCC. The Government’s position is supported by a large number of existing legal opinions by experts and constitutional scholars (...) The governments of Quebec and Alberta are furious, as they see the creation of a national securities regulator as an intrusion into the area of provincial powers."
- University of Toronto Launches Securities Law Portal (January 26, 2011): "The University of Toronto has launched a Canadian Securities Law Portal (...) These constitutional references are extremely important to the future of capital markets in Canada. Does the Parliament of Canada have legislative authority to enact the proposed Act? Why is a Canadian Securities Regulator necessary? What legal structure will ultimately govern issuers, intermediaries, self-regulatory organizations, investors and other capital market stakeholders? Would the structure proposed under the Act be effective if implemented? What are its strengths and weaknesses?"