CANADA: Renewed discussions on Canada national securities regulator

Tuesday November 20 2012

It is being reported that three of Canada’s largest provinces are leading a revived effort to create a single agency to oversee the country’s securities markets regarding Canada national securities regulator.

Ontario, British Columbia and Alberta have allegedly launched a renewed initiative nearly one year after the Supreme Court’s rejection of a national regulator. The Supreme Court of Canada ruled last December that proposed federal legislation creating a single securities regulator was unconstitutional and infringed on provincial jurisdiction, leaving uncertainty about whether efforts to create a national regulator would be abandoned.

Ontario Finance Minister Dwight Duncan said he has had “productive discussions” with his counterparts in the two western Canadian provinces. Mr. Duncan plans to meet with federal Finance Minister Jim Flaherty on Tuesday in Ottawa to discuss the possibility further.

This information will be updated as further details become available.