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

Trial date moved for convicted animal abuser Catherine Adams

Adams will now be facing her breach of probation charges in court on May 16

Quesnel Kangaroos split pair of games at home

Lose 7-4 to Terrace but prevail 5-2 versus Kitimat

Quesnel ice dancer focusing on improving herself at National Championships

Haley Sales and Nikolas Wamsteeker will be competing in New Brunswick this week

One year on: Quesnel inventor starts local factory

The Observer catches up with George Jennex, inventor of the Shur-Lok Safety Hitch

Woman killed in head-on crash near Vanderhoof

RCMP say driver crossed the centre line and hit a loaded fuel tanker truck

VIDEO: Car flies across median, flips over edge of B.C. overpass

Dash cam footage shows vehicle speeding across Brunette Avenue overpass in Coquitlam

Feds poised to bolster RCMP accountability with external watchdog

Long-anticipated move is the latest attempt at rebuilding the force following years of sagging morale

Canada needs a digital ID system, bankers association says

The Department of Finance last week officially launched its public consultation on the merits of open banking

Indigenous energy summit includes session on pipeline ownership options

Steven Saddleback of the Indian Resource Council says a session will feature presentations on financing models

Japanese grand champion Kisenosato retires from sumo

The 32-year-old Kisenosato was the first Japanese-born wrestler in 19 years to gain promotion to sumo’s highest rank

UPDATE: Accused B.C. high school killer found fit to stand trial

Gabriel Klein is accused in the 2016 stabbing death of Letisha Reimer at Abbotsford Senior Secondary

Right-wing, neo-Nazi, white supremacist groups an increasing concern: Goodale

Ten people died in April 2018 when Alek Minassian allegedly drove a rental van down the busy stretch in Toronto

Canadian stock exchanges to conduct lottery for ‘POT’ ticker amid high demand

The symbol became available after fertilizer Potash Corp. officially merged with Agrium Inc. in early 2018

Most Read