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ARTICLE · 09 NOVEMBER 2018

Supreme Court To Render Judgment On Cooperative National Securities Regulator This Week

McCarthy Tétrault
McCarthy Tétrault
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The Supreme Court of Canada is expected to render on Friday its highly anticipated judgment regarding the constitutionality of the proposed cooperative pan-Canadian securities regulator,

CanadaCorporate/Commercial Law
Canadian Securities Regulatory Monitor
Canadian Securities Regulatory Monitor
Cristian Blidariu
Cristian Blidariu
Sean Sadler
Sean Sadler
Rene Sorell
Rene Sorell
Sonia Struthers
Sonia Struthers
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The Supreme Court of Canada is expected to render on Friday its highly anticipated judgment regarding the constitutionality of the proposed cooperative pan-Canadian securities regulator, the Cooperative Capital Markets Regulatory System (CCMR), which we discussed in previous articles HERE and HERE.

The Supreme Court of Canada will answer the following two questions:

  1. Does the Constitution of Canada authorize the implementation of pan-Canadian securities regulation under the authority of a single regulator, according to the model established by the most recent publication of the "Memorandum of Agreement regarding the Cooperative Capital Markets Regulatory System"?
  2. Does the most recent version of the draft of the federal "Capital Markets Stability Act" exceed the authority of the Parliament of Canada over the general branch of the trade and commerce power under subsection 91(2)  of the Constitution Act, 1867  ?

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