Supreme Court Finds Against National Securities Regulator

Copyright 2011, Blake, Cassels & Graydon LLP

Originally published in Blakes Bulletin on Litigation & Dispute Resolution, December 2011

The Supreme Court of Canada has rendered a unanimous decision that the proposed Canada Securities Act (the Proposed Act) is not constitutional. In doing so, the Court has defeated the federal government's initiative to establish a single national securities regulator.

The decision comes in response to a reference directed by the Government of Canada on the question of whether the Proposed Act was constitutional. Arguments on the reference were heard earlier this year, as were two similar references directed by the provinces of Quebec and Alberta to their respective appellate courts. Previous Blakes Bulletins on those proceedings can be found here and here, while a bulletin on the Proposed Act itself can be found here.