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

    Old School Or New? Math Teachers Debate Best Methods As Scores Fall

    Old School Or New? Math Teachers Debate Best Methods As Scores Fall
    There are generally two camps: those in favour of the old-school method to lecture kids with a "drill-and-kill" format that preaches practice, and another, ever-growing group that believes a more creative approach is needed to engage students.

    Old School Or New? Math Teachers Debate Best Methods As Scores Fall

    WestJet's Vancouver-To-Toronto Flight Diverted Following Threat; Company Believes It's A Hoax

    WestJet's Vancouver-To-Toronto Flight Diverted Following Threat; Company Believes It's A Hoax
    CALGARY — A bomb threat believed to be a hoax prompted WestJet to divert a Vancouver-to-Toronto flight to Calgary on Wednesday night.

    WestJet's Vancouver-To-Toronto Flight Diverted Following Threat; Company Believes It's A Hoax

    Vancouver Pot Protest Arrests Don't Contradict New Regulations: City Manager

    Penny Ballem says she sees no contradiction between the arrests and Vancouver's recent decision to become Canada's first city to regulate an illegal industry.

    Vancouver Pot Protest Arrests Don't Contradict New Regulations: City Manager

    Metro Vancouver Residents Say NO To Tax To Fund Transportation Projects

    Metro Vancouver Residents Say NO To Tax To Fund Transportation Projects
    Elections BC says 62 per cent of voters have said No to the tax plan put forward by mayors and representatives from at least 21 municipalities and a First Nation.

    Metro Vancouver Residents Say NO To Tax To Fund Transportation Projects

    Ford Recalls 2015 Focus, C-Max, And Escape Models For Ignition Problem

    Ford Recalls 2015 Focus, C-Max, And Escape Models For Ignition Problem
    TORONTO — Ford says it is recalling 52,180 vehicles in Canada because of a software bug that could leave the car running after the ignition is switched off.

    Ford Recalls 2015 Focus, C-Max, And Escape Models For Ignition Problem

    B.C. Man Permitted To Keep Three Horses After Animal-Cruelty Conviction

    B.C. Man Permitted To Keep Three Horses After Animal-Cruelty Conviction
    A judge has fined Jody Huffman of Kamloops, B.C., $1,500 and forbidden him from owning any animals for the next five years besides the three replacement horses currently in his possession.

    B.C. Man Permitted To Keep Three Horses After Animal-Cruelty Conviction