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Supreme Court to Render Judgment on Cooperative National Securities Regulator this Week

The Supreme Court of Canada is expected to render on Friday its highly anticipated judgment regarding the constitutionality of the proposed cooperative pan-Canadian securities regulator, the Cooperative Capital Markets Regulatory System (CCMR), which we discussed in previous articles HERE and HERE.

The Supreme Court of Canada will answer the following two questions:

  1. Does the Constitution of Canada authorize the implementation of pan-Canadian securities regulation under the authority of a single regulator, according to the model established by the most recent publication of the “Memorandum of Agreement regarding the Cooperative Capital Markets Regulatory System”?
  2. Does the most recent version of the draft of the federal “Capital Markets Stability Act” exceed the authority of the Parliament of Canada over the general branch of the trade and commerce power under subsection 91(2)  of the Constitution Act, 1867 ?

Our Securities Regulation and Investment Products Group will review the Supreme Court judgment following its release on Friday and publish an article summarizing the decision and its possible impact on the CCMR.

The CCMR is intended to facilitate the launch of a national securities regulator after a 2011 Supreme Court of Canada decision that the provinces enjoy much more constitutional authority to regulate securities and derivatives law than the federal government.

CCMR Cooperative Capital Markets Regulatory System Supreme Court of Canada National securities regulator Canada Canadian National Securities Regulation



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