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

Okanagan’s oldest mayor shows no sign of slowing down

Mayor James Baker has decades of history in his political career

The hunt is on: Lake Country egg hunt kicks off Easter weekend

It’s the biggest Easter egg hunt in Lake Country

Rollover in West Kelowna

An SUV rollover was reported just after 8:30 a.m. on Boucherie Road.… Continue reading

Support for Penticton shooting victim

A GoFundMe has been started for one of the four people killed April 15

Annual Nk’maplqs Challenge Cup returns easter weekend

The goal of the Vernon-based event is to revitalize the game and the tradition of an all-native hockey tournament in the Interior.

B.C. RCMP receive application for Police Cat Services

RCMP announced the launch of the Police Cat Services unit as an April fools joke

Shuswap dancer stays across street from Penticton shooting day after Salmon Arm tragedy

Dancers come for festival, put in lockdown in rec centre, watch police response from Airbnb window

Kirkland Signature veggie burgers recalled due to possible metal fragments

Recalled products came in 1.7 kg packages with a best before date of Apr. 23, 2019

Chaos at the ferry terminal for people heading from Vancouver to the Island

Easter crowds create backlog at Tsawwassen ferry terminal

Vernon-raised BC Was Awesome producer returns home for filming of episode

The topic of this Vernon-featured episode has not yet been revealed.

COLUMN: Bunnies, sexuality and the freedom to read

A book about a gay bunny has been the subject of challenges

Parents of 13 who tortured children get life after hearing victims

One of their daughters fled their home and pleaded for help to a 911 operator

Vernon choir marks 40 years of making music

Order of Canada recipient directs finale

Most Read