On April 13 and 14, the Supreme Court of Canada heard oral arguments on the constitutionality of the proposed Canadian Securities Act. FAIR Canada was an intervener in the reference, and argued that the Canadian government has the authority to enact the proposed legislation and that the proposed legislation would regulate Canada’s capital markets for the benefit of all Canadians. FAIR Canada believes that the creation of a national securities regulator, with investor protection as its top priority, would provide greater protection for retail and other investors, while at the same time ensuring that the Canadian securities markets operate as efficiently as possible. The governments of both Québec and Alberta referred the proposed legislation to their respective Courts of Appeal. Both Courts have ruled that the proposed legislation is outside the power of the federal government. The Supreme Court’s decision, expected to be released within ten to twenty-four months, will take precedence over the provincial Courts’ decisions.
Click here to view the Supreme Court hearing (FAIR Canada oral argument takes place on day two, at approximately 10:00 a.m. and is about 15 minutes in duration.)
Click here to view the full FAIR Canada factum.
