Plan to create a national securities regulator is constitutional: Supreme Court

The unanimous ruling could help advance plans for a national regulator of capital markets

The Supreme Court of Canada says the Constitution allows Ottawa and the provinces to set up a national securities regulator.

In addition, the high court finds federal draft legislation for countrywide oversight of stocks, bonds and other investments falls within Parliament’s powers over trade and commerce.

RELATED: Statcan’s plan to harvest private banking info on hold, pending investigation

The unanimous ruling could help advance plans for a national regulator of capital markets, an idea under discussion since at least the 1930s.

British Columbia, Saskatchewan, Ontario, New Brunswick, Prince Edward Island, Yukon and the federal government have signed a memorandum of agreement to create a new model.

The plan includes a common regulator, a council of ministers to play a supervisory role, a model law that provinces and territories could pass, and federal legislation to manage systemic risk, allow for data collection and address criminal matters.

RELATED: Federal Trans Mountain pipeline purchase seen as ‘betrayal’ by many opponents: CSIS

The Quebec Court of Appeal said last year that the overall plan was unconstitutional, prompting Ottawa to head to the Supreme Court.

The Canadian Press

Like us on Facebook and follow us on Twitter.

Just Posted

Elk River reclaims property as its own

Laws make it harder to protect private land than ever before says farmer, local government

Wildfire burning southeast of Sparwood estimated 0.1ha in size

Nine BC Wildfire Service personnel are onsite responding to a wildfire approximately… Continue reading

Black Press Kootenay Career Fair underway in Cranbrook

Today, Thursday, August 22, around 40 employers will be waiting to meet potential new employees

Artist Michael Hepher selected to paint mural downtown Fernie

The mural will be located on The Beanpod, 691 2 Ave, Fernie, on the outside wall.

UPDATED: Crews remain on scene of Jaffray hay barn fires

Emergency personnel remain on scene throughout Wednesday to put out hot spots

New police force in Surrey must avoid VPD, RCMP errors made in Pickton case: Oppal

Boots are scheduled to be on the ground by spring 2021

Independent cannabis store blazing uncharted trails in Fernie

Stick & Stone Cannabis Co., Fernie’s first independently run cannabis store, opened… Continue reading

Conan turns to the Property Brothers for tips on buying Greenland

Jonathan Scott suggests removing glaciers and mountains to bring in ‘more natural light’

Forests minister visits B.C. town rocked by multiple mill shutdowns

A third of Mackenzie turns out for rally, not much to cheer about

NDP bring Green New Deal to the Kootenays

MPs Wayne Stetski and Peter Julian held climate change talks in Nelson, Cranbrook and Revelstoke

B.C. sockeye returns drop as official calls 2019 ‘extremely challenging’

Federal government says officials are seeing the same thing off Alaska and Washington state

B.C. music teacher accused of sexual misconduct involving girls

Police believe other victims could be out there after the arrest of Lamar Victor Alviar

B.C. family stranded in Croatia desperate to come home

Funds being raised to bring back mom and two children

Most Read