On November 9, 2018, the Supreme Court of Canada (SCC)
unanimously ruled that a proposed pan-Canadian securities regulator
is constitutionally acceptable. The decision, Reference re Pan-Canadian Securities
Regulation, was highly-anticipated and now paves
the way for the Cooperative Capital Markets Regulatory System
(CCMRS).
Background
Unique among major economies, Canada does not have a national
securities regulator. While the provinces have established some
forms of cooperation (through the use of national and multilateral
instruments and, more recently, the "passport" system)
since at least the 1970s, there have been recurring discussions and
efforts to more formally and definitively address this issue. Most
recently, in a 2011 ruling, the SCC determined that a proposed
national regulatory system was unconstitutional, concluding that
under the Constitution Act, 1867 (the
"Constitution"), the provinces and territories hold
jurisdiction over most aspects related
