Supreme Court rejects federal regulator bid
Queen’s University business professor Steven Salterio is available to comment on today’s Supreme Court of Canada decision that ruled against the federal government’s plan to create a national securities regulator.
The decision means the provincial governments will still be responsible for securities regulation.
“The decision is expected but unfortunate,” says Dr. Salterio. “For years I’ve been saying we need a national securities regulator but it could never be constitutionally done solely by the federal government. I believe there should be a national securities enforcement body. What’s the difference between a regulatory and enforcement organization? A national securities enforcement body would be a focused organization with the sole mandate to investigate and enforce the various multilateral and national securities laws and regulations that are in effect across Canada. The power to make laws and regulations would remain where it has been for the last hundred years, with the provincial government and their securities commissions. Therefore, there is no loss of sovereignty or jurisdiction at the provincial level but enforcement makes a quantum leap forward.”
Dr. Salterio is an expert on corporate governance and the director of the CA-Queen’s Centre for Governance.
Dr. Salterio will be available for interviews after 3:30 pm on Thursday.
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