Stocks reg­u­la­tor OK with high court

The Daily Courier - - CANADA -

OT­TAWA — The Con­sti­tu­tion al­lows Ot­tawa and the provinces to set up a na­tional se­cu­ri­ties reg­u­la­tor, the Supreme Court says in a rul­ing that could help ad­vance a plan for countrywide over­sight of cap­i­tal mar­kets.

In its unan­i­mous rul­ing Fri­day, the high court also found that fed­eral draft leg­is­la­tion for na­tional reg­u­la­tion of the trade in stocks, bonds and other in­vest­ments falls within Par­lia­ment’s pow­ers, as it does not tread on pro­vin­cial turf.

The de­ci­sion pro­vides long-sought le­gal clar­ity for an idea un­der dis­cus­sion since at least the 1930s.

How­ever, the court stressed it is up to the provinces and ter­ri­to­ries to de­cide whether par­tic­i­pa­tion in a na­tional reg­u­la­tory sys­tem is in their best in­ter­ests.

Sup­port­ers of a pan-Cana­dian reg­u­la­tor say it would elim­i­nate du­pli­ca­tion, re­duce red tape and en­sure more con­sis­tent en­force­ment and in­vestor pro­tec­tion.

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