For over three decades, there have been numerous attempts, both federal and provincial, to create a national securities regulator for Canada. In the spring of 2010, the federal government tabled a draft Canadian Securities Act that would create a national securities regulator and referenced the draft legislation to the Supreme Court of Canada for a determination of Parliament’s constitutional authority to enact such legislation. The Supreme Court is expected to hear the reference in April 2011. This article seeks to provide an empirical foundation from a capital markets perspective to guide the discussion and debate on the constitutionality of a national securities regulator. an analysis of the relevant academic literature, the investing patterns of Canadian retail and institutional investors, and a changing global regulatory environment indicate the necessity of a national securities regulator for Canada at this time. While the constitutionality of federal capital markets regulation has yet to be determined, this article provides an empirical footing to ground the Supreme Court’s forthcoming analysis.
"The Capital Markets Perspective on a National Securities Regulator."
The Supreme Court Law Review: Osgoode’s Annual Constitutional Cases Conference
Creative Commons License
This work is licensed under a Creative Commons Attribution-Noncommercial-No Derivative Works 4.0 License.