Library of Parliament Publication on Proposed Federal Securities Regulator - Part 2
The Library of Parliament recently published the second part of its document on federal securities law, Proposed Federal Securities Regulator 2. Constitutional Aspects:
"In May 2010, as part of its proposal to create a federal securities regulator, the federal government brought to the Supreme Court of Canada the Reference re Securities Act. This was the most recent in numerous efforts over the years to study the possibility of establishing a federal securities regulator. With the stated aim 'to provide legal certainty to the provinces, territories and market participants,' the government asked the Court to make a determination on the following question: 'Is the annexed Proposed Canadian Securities Act within the legislative authority of the Parliament of Canada'?"
"In December 2011, the Supreme Court ruled that the Securities Act proposed by the government is not valid because it does not fall under any power vested in the Parliament of Canada by the Constitution."
"This publication, which analyzes the constitutional aspects of that decision, contains two parts: a summary of the Supreme Court’s opinion, and a description of some reactions to the opinion."