Plan to create a national securities regulator is constitutional: Supreme Court

The unanimous ruling could help advance plans for a national regulator of capital markets

The Supreme Court of Canada says the Constitution allows Ottawa and the provinces to set up a national securities regulator.

In addition, the high court finds federal draft legislation for countrywide oversight of stocks, bonds and other investments falls within Parliament’s powers over trade and commerce.

RELATED: Statcan’s plan to harvest private banking info on hold, pending investigation

The unanimous ruling could help advance plans for a national regulator of capital markets, an idea under discussion since at least the 1930s.

British Columbia, Saskatchewan, Ontario, New Brunswick, Prince Edward Island, Yukon and the federal government have signed a memorandum of agreement to create a new model.

The plan includes a common regulator, a council of ministers to play a supervisory role, a model law that provinces and territories could pass, and federal legislation to manage systemic risk, allow for data collection and address criminal matters.

RELATED: Federal Trans Mountain pipeline purchase seen as ‘betrayal’ by many opponents: CSIS

The Quebec Court of Appeal said last year that the overall plan was unconstitutional, prompting Ottawa to head to the Supreme Court.

The Canadian Press

Like us on Facebook and follow us on Twitter.

Just Posted

Changes coming to BC Ferries reservations for Vancouver Island routes

Many customers are booking multiple reservations, inflating wait times

VIU Mariners women finish fall undefeated

Women’s basketball team in first place in the PacWest at the break, men’s team tied for first

With tax changes coming, Nanaimo school trustees debate pay raise

New Canada Revenue Agency taxation for school trustees takes effect in January

Northfield intersection work done

Renovated $4.1-million intersection touted as safer for driver, cyclist and pedestrians

Nanaimo Astronomy Society will look back at Apollo 8 mission

Out-of-this-world space flight, 3-D printing, and stellar distances the topics at this week’s meeting

Six students arrested, charged in sex assault probe at Toronto all-boys school

The school’s principal, Greg Reeves, described the video of the alleged sexual assault as ‘horrific’

Great Nanaimo Toy Drive begins its campaign leading up to Christmas

The 36th Great Nanaimo Toy Drive will make sure children have presents on Christmas morning

Shots fired near Chicago hospital, multiple victims: police

Police say at least one possible offender has been shot

B.C. to allow ride hailing services to operate in 2019

Fee will be applied to fund options for disabled people

Elections BC keeps eye on Canada Post dispute, but no change in Nov. 30 deadline

Vote No spokesman say an extension of one or two weeks would ensure all ballots are counted

Langley school pulls Japanese ‘rising sun’ flag after student petition

School district promises consultation with students and parents, defends using flag for war history

Calgary bobsled death inquiry recommends infrared technology, safety audits

A judge found the deaths of 17-year-old twins Evan and Jordan Caldwell were accidental and caused by blunt-force head and neck trauma

First ski hill in B.C. opened this weekend

Sun Peaks, near Kamloops, was the first ski hill in the province to open for season

Most Read