As an intervenor in the Supreme Court of Canada (SCC) reference regarding the proposed national securities legislation, FAIR Canada filed its factum yesterday with the SCC. In it, FAIR Canada noted that: “[i]n an age when capital markets are national or international, when capital flows freely across borders, and when public companies operate in multiple jurisdictions, this anomaly [lack of national regulator] can present hardships for retail investors whom securities regulation is meant to protect.” 

FAIR Canada went on to state that, for retail investors, the most important aspect of the proposed national securities legislation is that it will replace the current provincial/territorial consensus-based model with a legislated national regulator which: (1) is accountable to the Governor-in-Council and, by extension, all Canadians, (2) is capable of implementing regulatory initiatives that are in the interest of all Canadian investors, and (3) is able to pool enforcement resources, develop expertise in the area of enforcement and enforce harmonized laws across the country to protect both investors and the integrity of Canada’s capital markets.

Joel Wiesenfeld, in a recent article, shares his views and comments about the national securities regulator debate in Canada:

“What has been completely overlooked in all the battling over the issue of a national securities regulator is how the dealers and persons who actually distribute and trade in securities on behalf of retail, corporate and institutional investors are regulated.” 

Click here for full Joel Wiesenfeld article.

Click here to view the full FAIR Canada factum. Click here to visit the University of Toronto Constitutional Reference website.

FAIR Canada would like to acknowledge the remarkable contribution of the team at Paliare Roland Rosenberg Rothstein LLP, particularly Andrew Lokan, Massimo Starnino and Michael Fenrick, who are acting for FAIR Canada in its intervention at the SCC.