National Securities Regulator Gets Go-Ahead From Supreme Court

This morning the Supreme Court released its decision in Reference re Pan-Canadian Securities Regulation, where the Court held that a national securities regulator as proposed in draft federal and model provincial legislation is constitutionally permissible, overturning the Quebec Court of Appeal's decision that held the proposed national regulator was not constitutional. Ontario, British Columbia, Saskatchewan, New Brunswick, Prince Edward Island and Yukon support the new system, whereas Quebec has led the opposition.

However, the Court's decision suggests that the amendment procedure in the scheme – whereby a council of federal and provincial ministers would agree to amendments that would then be implemented by Parliament and the provincial legislatures – could not prevent Parliament and the provincial legislatures from making amendments to their own legislation as they see fit.