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

Unruly passenger forces Victoria-bound flight to divert to Calgary

Police say charges are pending against a woman in her 40s

RECALL: Salmon Village Salmon Nuggets

Customers warned not to eat product due to possible Listeria contamination

Victoria invited to get a closer look at Sunday’s lunar eclipse

Special event allows public to view the moon through UVic telescopes

Vancouver Island couple fights for their lives together

Richard Stuart needs a kidney, his wife Tracy has been diagnosed with cancer

Victoria Whisky Festival kicks off this weekend

Whisky-lovers flock to Hotel Grand Pacific for weekend events and tastings

Fashion Fridays: Inspirational gym outfits

Kim XO, helps to keep you looking good on Fashion Fridays on the Black Press Media Network

Vancouver Island conservancy group calls for government to shut down Georgia Strait herring roe fishery

DFO says extensive research is done annually before setting a maximum harvest rate

POLL: Should people have to license their cats?

The Victoria Natural History Society has sent letters to 13 municipalities in… Continue reading

Greater Victoria Crime Stoppers wanted list for the week of Jan. 15

Greater Victoria Crime Stoppers is seeking the public’s help in locating the… Continue reading

High court ruling allows long-term expats to vote in byelections across Canada

Supreme Court decision enfranchised an estimated one million or more Canadian expats to be able to vote

B.C. woman posts to Facebook after she and nephew reported missing for days

Roseanne Supernault says both she and her six-year-old nephew are fine and she has contacted police

Company issues lifetime ban after man jumps from cruise ship

Nick Naydev posted the video last week showing him standing on the balcony of the Symphony of the Seas

The debate over how to teach math in B.C.

Tutoring businesses growing with concerns

Inflation rises as higher airfares, veggie prices offset cheaper gas

Statistics Canada says inflation accelerated to two per cent in December

Most Read