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ARTICLE · 17 MARCH 2011

Court Rules Proposed National Securities Legislation Is Unconstitutional

Blake, Cassels & Graydon LLP
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In the battle over the future of securities regulation in Canada, the first round has been decided in favour of the provincial opponents of a national regulator.

CanadaLitigation, Mediation & Arbitration
Blake, Cassels & Graydon LLP
Blake, Cassels & Graydon LLP
Doug McLeod
Doug McLeod
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Copyright 2011, Blake, Cassels & Graydon LLP

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

In the battle over the future of securities regulation in Canada, the first round has been decided in favour of the provincial opponents of a national regulator. In a decision filed on March 8, 2011, the Alberta Court of Appeal (the Court) found that the federal government does not have the constitutional authority to regulate securities, and that the currently proposed federal securities legislation would accordingly be unconstitutional. The Court had been asked to opine on the federal government's authority over securities by way of a reference brought by the Province of Alberta.

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