The Supreme Court of Canada heard the appeal today in Attorney General of Canada, et al. v. Attorney General of Quebec regarding the constitutionality of the implementation of a pan-Canadian securities regulation.
A national securities regulator is intended to consolidate the provincial and territorial securities regulators to better assess and minimize systemic risk in capital markets and to improve regulatory enforcement.
The effort to establish such a regulator — which has been ongoing since at least the 1970s — has suffered a series of delays and roadblocks. In May, the Court of Appeal of Quebec ruled that the proposal for a Cooperative Capital Markets Regulatory System, which is to date supported by six jurisdictions — Ontario, British Columbia, Saskatchewan, Prince Edward Island, New Brunswick and the Yukon — but opposed by Quebec and Alberta, is unconstitutional.