One More Time: Feds Propose New Cooperative National Securities Regulator

Federal Finance Minister Jim Flaherty announced on September 19, 2013 that a deal between the federal government, Ontario and British Columbia has been struck to create a single cooperative national capital markets regulatory system whereby the federal government and those provinces that participate will delegate their authority over capital markets to a single cooperative capital markets regulator. All provinces and territories are being invited to join the proposed cooperative system. Ontario, B.C. and the federal government are currently targeting that the new regulator will be in operation by July 1, 2015.

Provincial Opposition

As has been well publicized, this is not the federal government's first attempt at creating a national system for securities regulation in Canada. It was only in December 2011 that the Supreme Court of Canada (SCC) ruled that the federal government's proposed act to create a national securities regulator was beyond its powers and