Close X
Wednesday, December 4, 2024
ADVT 
National

Quebec To Go To Court To Challenge National Securities Regulator

The Canadian Press, 08 Jul, 2015 10:52 AM
    QUEBEC — The Quebec government says it will ask the province's top court to rule on the constitutionality of Ottawa's plan to create a national securities regulator.
     
    Quebec has long argued that the sector is of provincial jurisdiction under the Constitution.
     
    "Regulation of securities trading is too important a matter to run the risk of its hinging, in whole or in part, on legislation whose legal basis is potentially unconstitutional," Justice Minister Stephanie Vallee said in a statement Tuesday.
     
    "Given this new attempt by Ottawa to set up a pan-Canadian commission, Quebec needs to apply to the Court of Appeal once again."
     
    Ottawa has long championed the idea of a national regulator, but the Supreme Court sided with the provinces in 2011 on who had jurisdiction. However, in its ruling the top court left the door open to federal-provincial co-operation.
     
    In April, Yukon became the first territory to sign up for the planned national regulator, with the federal Finance Department saying at the time it was joining British Columbia, Ontario, Saskatchewan, New Brunswick and Prince Edward Island.
     
    But the key jurisdictions of Alberta and Quebec have refused to join the national regulator.
     
    If implemented, the co-operative national body would be expected to help oversee stock markets by policing abuses and securities fraud.
     
    It would also administer a single set of regulations under the proposed rules and be funded through a single set of fees.
     
    Canada currently is the only G20 country without a national securities regulator.
     
    Under the current system, all 13 jurisdictions in Canada regulate their own capital markets and bond and securities issuances, although all except Ontario also belong to the so-called passport system by which the approval of one commission essentially allows for registration in another province.
     
    Quebec argues the proposed plan would give Ottawa a veto within the body responsible for administering the scheme.
     
    "This plan would adversely affect the maintenance of Quebec's expertise in securities, a key sector of our economy," Quebec Finance Minister Carlos Leitao said in the same statement.
     
    "Moreover, the existing harmonized and collaborative securities regulatory system, set up by the provinces and territories, has been very successful in achieving investor protection and economic development objectives."

    MORE National ARTICLES

    Voter Information Cards As Valid Id Could Lead To Fraud, Government Argues

    Voter Information Cards As Valid Id Could Lead To Fraud, Government Argues
    TORONTO — Lawyers for the federal government say allowing voter information cards to be used as valid ID at the polls could lead to fraud and detract from public confidence in the electoral system.

    Voter Information Cards As Valid Id Could Lead To Fraud, Government Argues

    Ex-NDP MP Manon Perreault Given $1,000 Fine After Mischief Conviction

    Ex-NDP MP Manon Perreault Given $1,000 Fine After Mischief Conviction
    JOLIETTE, Que. — Former NDP MP Manon Perreault has been given a $1,000 fine and put on one year's probation after being previously convicted of mischief.

    Ex-NDP MP Manon Perreault Given $1,000 Fine After Mischief Conviction

    Corrupt Kyiv Traffic Cops Given The Boot In Clear Sign Of Reform: Ambassador

    Corrupt Kyiv Traffic Cops Given The Boot In Clear Sign Of Reform: Ambassador
    KYIV, Ukraine — Ukraine's interior ministry is disbanding Kyiv's often corrupt traffic police detachment Saturday and installing a new force — with help from Canada, the U.S., Japan and Australia.

    Corrupt Kyiv Traffic Cops Given The Boot In Clear Sign Of Reform: Ambassador

    Three Adult Males Found Dead In Montreal-Area House, Police Investigating

    Three Adult Males Found Dead In Montreal-Area House, Police Investigating
    Longueuil police said Friday they were contacted shortly after midnight by a woman fearing for relatives in the red-brick, semi-detached home in a quiet Boucherville street.

    Three Adult Males Found Dead In Montreal-Area House, Police Investigating

    Vice-President Joe Biden, Wife, Jill, Will Cheer On The US At The Women's World Cup Final

    Vice-President Joe Biden, Wife, Jill, Will Cheer On The US At The Women's World Cup Final
    VANCOUVER — Vice-President Joe Biden and his wife, Jill, will cheer on the United States in the Women's World Cup final on Sunday.

    Vice-President Joe Biden, Wife, Jill, Will Cheer On The US At The Women's World Cup Final

    Premier Brad Wall Says Smoke Is Hampering Fighting Of Saskatchewan Wildfires

    Heavy smoke is hampering the fighting of wildfires that are threatening some communities in northern Saskatchewan.

    Premier Brad Wall Says Smoke Is Hampering Fighting Of Saskatchewan Wildfires