Earlier this year, Inside Internal Control reported that Alberta and Quebec were preparing constitutional “references” to be heard by their respective provincial Courts of Appeal to defend their rights to maintain their own provincial securities regulators. At the same time, the federal government announced its intention to take its case for a national regulator to the Supreme Court.
And last month, that’s exactly what transpired. The finance minister released a new federal Securities Act, but announced that it would immediately be presented to the Court with the question: is the proposed Act within the legislative authority of the Parliament of Canada? However, the minister made it clear that the provinces would have the power to opt in or out of the national scheme, as they wished.
First Reference Internal Controls Managing Editor
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