In the Matter of a Reference by Governor in Council concerning the proposed Canadian Securities Act, as set out in Order in Council P.C. 2010-667, dated May 26, 2010
April 13, 2011
The Supreme Court heard arguments on the constitutionality of the federal government’s proposed Canadian Securities Act.
On May 26, 2010, the federal government tabled in the House of Commons the proposed Act, which would create a single national securities regulator. Each province currently has its own securities legislation and regulation. The governments of Alberta, Quebec, Manitoba,Saskatchewan, British Columbia and New Brunswick oppose the federal securities legislation.
Alberta and Quebec are the two provinces which are the most strongly opposed to federal securities regulation. The Alberta and Quebec Courts of Appeals both ruled that the federal government does not have the jurisdiction to create a national securities regulator.