QUEBEC — The Quebec Court of Appeal has ruled the federal government's proposal to create a national securities regulator is unconstitutional.
In a split decision released late Thursday, the court said the federal government would intrude on the province's constitutional jurisdiction with the project.
"This decision confirms Quebec's opposition to the federal government's project of a single securities commission is well-founded," Quebec Finance Minister Raymond Bachand said in a statement.
The Alberta Court of Appeal handed down to a similar decision in March.
"Considering those two rulings and the lack of support in many provinces, I urge the federal government to give up its project," Bachand added.
Quebec and Alberta are the two most vocal provinces opposed to federal Finance Minister Jim Flaherty's plan to create a single national securities regulator to replace the numerous provincial bodies overseeing regional capital markets.
Flaherty has asked the Supreme Court of Canada to weigh in over the constitutionality of the proposed Canada Securities Act.
The high court is scheduled to hear the case in April.
The Conservative government, now in the midst of a federal election campaign, has been pushing for the creation of a single national regulator to handle increasingly complex and global markets.
Read more: http://www.montrealgazette.com/business/Federal+securities+regulator+unconstitutional+Quebec+court/4541434/story.html#ixzz1IWzAT0w0
