Plan to create a national securities regulator is constitutional: Supreme Court

The unanimous ruling could help advance plans for a national regulator of capital markets

The Supreme Court of Canada says the Constitution allows Ottawa and the provinces to set up a national securities regulator.

In addition, the high court finds federal draft legislation for countrywide oversight of stocks, bonds and other investments falls within Parliament’s powers over trade and commerce.

RELATED: Statcan’s plan to harvest private banking info on hold, pending investigation

The unanimous ruling could help advance plans for a national regulator of capital markets, an idea under discussion since at least the 1930s.

British Columbia, Saskatchewan, Ontario, New Brunswick, Prince Edward Island, Yukon and the federal government have signed a memorandum of agreement to create a new model.

The plan includes a common regulator, a council of ministers to play a supervisory role, a model law that provinces and territories could pass, and federal legislation to manage systemic risk, allow for data collection and address criminal matters.

RELATED: Federal Trans Mountain pipeline purchase seen as ‘betrayal’ by many opponents: CSIS

The Quebec Court of Appeal said last year that the overall plan was unconstitutional, prompting Ottawa to head to the Supreme Court.

The Canadian Press

Like us on Facebook and follow us on Twitter.

Just Posted

A pickleball debacle unfolds in Lake Country

Pickleball players and frustrated residents discuss the sport court

Lightning causes three wildfires east of Osoyoos

It is believed the fires started by a lightning storm

Kelowna man found guilty of second-degree murder awaits sentencing

A Kelowna jury found Steven Randy Pirko guilty of the second-degree murder in June

Kelowna cab driver charged with sexual assault

RCMP received a report May 28 alleging a taxi passenger had been sexually assaulted by a cab driver

Trial delayed for West Kelowna man charged with murdering his wife

Kevin Costin’s trial is on hold until the Crown and defence work out a few kinks

VIDEO: Young couple found dead in northern B.C. had been shot, police say

Chynna Noelle Deese of the U.S. and Lucas Robertson Fowler of Australia were found along Highway 97

Lightning causes three wildfires east of Osoyoos

It is believed the fires started by a lightning storm

Backhoe ‘burned to a crisp’ in South Okanagan

South Okanagan fire chief said the situation could have been a lot worse

Air ambulance called to second collision on Highway 1 west of Salmon Arm

Emergency crews respond to motor-vehicle collision near Second Nations Road intersection

Crash closes Highway 1 near Tappen

The collision happened about 3:30 p.m. by James Road

VIDEO: Man found dead near B.C. teens’ truck could be linked to a double homicide

RCMP said they are looking for Kam McLeod, 19, and Bryer Schmegelsky, 18, of Port Alberni

Latest plan is to fly trapped fish by helicopter over Big Bar slide

Multi-pronged plan set in motion to freesalmon blocked by landslide in the Fraser River

Controversial anti-abortion film to be screened in the South Okanagan

Unplanned will be shown at the Penticton Landmark theatre

Okanagan-based pop star Andrew Allen is back with a new band

Singer-songwriter Andrew Allen is bringing his new band home for a concert this Friday

Most Read