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ARTICLE · 04 JANUARY 2012

Supreme Court's Unanimous Ruling Sinks Canadian Securities Act (But Leaves Much To Be Salvaged)

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In a unanimous opinion released yesterday, the Supreme Court of Canada (Court) sank the federal government's attempt to create a national securities regulator.

CanadaLitigation, Mediation & Arbitration
McMillan LLP
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In a unanimous opinion released yesterday,1 the Supreme Court of Canada (Court) sank the federal government's attempt to create a national securities regulator. The Court ruled that the proposed Canadian Securities Act (Act),2 "as presently drafted", is ultra vires the federal government.

The eagerly anticipated decision follows a two-day hearing in April which pitted the federal government and the province of Ontario against the strong objections of other provinces (in particular, Québec and Alberta) in a battle over the constitutionality of the Act. The controversial legislation was unveiled in May 2010 and referred to the Court for an advisory opinion regarding its constitutional validity. The federal Act has since weathered interim drubbings by the Courts of Appeal in Alberta and Québec, each of which held the Act to be unconstitutional in separate references heard earlier this year.3

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