8 | LEXPERT • June 2016 | www.lexpert.ca/usguide-corporate/
SECURITIES
Despite its long history of peacekeeping abroad, there is one bitter divide Canadians cannot
manage to bridge right in their own backyard: a national securities regulator.
It's not for lack of trying. ere have been several pushes for a national regulator. e most recent, in
2011, was slapped down by the Supreme Court of Canada on the grounds that securities regulation is
provincial jurisdiction.
e result is the country's securities landscape remains balkanized with 13 separate provincial and
territorial regimes.
e push to unify them has not died down, the idea of imposing a national regulator has simply given
way to a plan to create a cooperative single regulator.
e problem is, some provinces are not cooperating.
Alberta and Québec – two of the country's largest financial jurisdictions – have said "no thank you,"
as have Manitoba, Nova Scotia, Newfoundland and Labrador, Nunavut and Northwest Territories.
Québec is actually challenging the scheme in court.
at leaves Ontario, British Columbia, New Brunswick, Prince Edward Island, Saskatchewan and
the Yukon working with the federal government to create a new Cooperative Capital Markets Regula-
tory System.
Under a memorandum of agreement, each has agreed to adopt a uniform Act regulating its own
capital markets. For its part, Ottawa will introduce the Federal Capital Markets Stability Act covering
criminal matters across the country as well as anything relating to systemic market risk, which is within
federal jurisdiction.
e plan for a cooperative regulator was moving along at a brisk pace when the Conservative govern-
ment dissolved the government, called an election, and proceeded to get swept from office by Justin
Trudeau's Liberals.
Canadian securities law has seen a raft
of recent changes, including a new national
securities model, a take-over bid regime,
proxy regime reform, a push for proxy advisor
regulation and new listing exemptions
BY SANDRA RUBIN
SECURITIES
IN FLUX
PHOTO:
SHUTTERSTOCK
