Doubt over Canadian securities authority
Friday 26 November 2010 - by Will Henley
The government of Canada's plan to introduce a federal securities regulator in place of a network of regional bodies is facing an uphill battle amid opposition by provincial authorities.
A Canadian Securities Act drafted by Flaherty's department has been referred to the country's Supreme Court as question marks hang over whether the government has the constitutional authority to establish a federal regulator.
Flaherty insisted the legislation was constitutional, but conceded that provinces have the option to take part in the federal securities regime.
Ted Morton, finance minister of Alberta, earlier in the week appeared to back the idea of creation of a Western Canadian securities regulator.
"It would make much more sense for Saskatchewan and Alberta to have a single commission," he said in an interview.
Manitoba's finance minister also yesterday revealed her opposition to the federal plan.
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