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.

Get local stories you won't find anywhere else right to your inbox.
Sign up here

Comments are closed

Just Posted

Thursday’s blackout likely caused by vandalism

Power was out for 10,000 customers from Quick to the Hazeltons for almost 11 hours

VIDEO: Witset cannabis shop officially opens

The store, located at the gas bar on Hwy 16, is open seven days a week, 9 a.m. to 9 p.m.

Police investigate July 2 homicide in Houston

Man succumbed to injuries at Pearson Road residence

Tahltan fighter from Telkwa wins provincial award

Lando Ball recognized for his commitment to and accomplishments in karate and for community service

RCMP patrol of smokehouse sparks concerns by Wet’suwet’en hereditary leader

Hereditary Chief Woos says he is feeling uneasy after RCMP attended the smokehouse with rifles

B.C. records 31 new cases, six deaths over three days due to COVID-19

There are 166 active cases in B.C., 16 people in hospital

B.C. homeowners plead for action on condo insurance crisis

Strata property fees growing bigger than mortgage payments

Indigenous man behind complaint of BC Transplant’s alcohol abstinence policy has died

David Dennis, who is Nuu-chah-nulth, argued that six-month sobriety policy is a ‘lethal form of racism’

ICBC to resume road tests in July with priority for rebookings, health-care workers

Tests have been on hold for four months due to COVID-19

Urge travellers to follow COVID-19 rules in a ‘gentle way’: B.C.’s top doctor

Cases surging in the U.S. have B.C. officials hoping the border stays shut all summer

96-year-old woman scales B.C. butte with help of family, friends

‘I did as I was told and I enjoyed every minute of it’

Parallel crises: How COVID-19 exacerbated B.C.’s drug overdose emergency

Part 1: Officials say isolation, toxic drug supply, CERB, contributing to crisis

Canadians with disabilities disproportionately hit by COVID-19 pandemic

More than four out of 10 British Columbians aged 70 and up have various disabilities

Most Read