No doubt you’ve heard about the debate over a national securities regulator. Maybe you’ve even paid attention a bit. (I believe there was a scuffle recently over a logo or something—and the location of the head office of the proposed regulator?) Anyway, the Federal Government has prepared a Securities Act and handed it over to the Supreme Court to decide whether the feds even have the legal authority to establish a harmonized national regime to govern capital markets.
Earlier this year, we 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...
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