Alberta to test ‘constitutional soundness’ of national securities regulator

EDMONTON — The Alberta government is taking its fight against Ottawa’s plans to create a national securities regulator to the province’s Court of Appeal in order to test the “constitutional soundness” of the move.

EDMONTON — The Alberta government is taking its fight against Ottawa’s plans to create a national securities regulator to the province’s Court of Appeal in order to test the “constitutional soundness” of the move.

“We believe this intrusion into this important area of provincial jurisdiction will set a precedent for the federal government to intrude in other critical areas of provincial jurisdiction, and we must take bold action now to defend against that,” Alberta Finance Minister Iris Evans said in a statement Friday.

Ottawa said in October it planned to ask the Supreme Court of Canada to rule on whether it would be constitutional to have one body oversee Canada’s capital markets.

But Alberta is pressing ahead with the provincial case because it could be many months before the Supreme Court process begins, the statement said.

Quebec has also been vehemently opposed to the idea of a single securities regulator, and has filed a similar challenge in that province’s court of appeal.

The Alberta government plans to intervene in support of the Quebec government in that case as well. It said joining forces will allow both provinces to share resources and send a “stronger message of opposition” to the federal plans.

Supporters of a centralized regulatory system, which exists in most countries, say it would provide more stringent oversight, better efficiency and lower costs for companies seeking to list on Canadian stock markets.

Opponents point out that the U.S. Securities and Exchange Commission hasn’t been effective in curbing white collar crime in that country.

They also say a regulator should know all the ins and outs of a province’s main industries. For instance, an Alberta regulator would be better suited to oversee energy companies than a Toronto-based body.

“The interests of Albertans and the Alberta capital market are best served by the existing regulatory structure. There is no need for this intrusion into provincial jurisdiction,” Evans stated.

Just Posted

Alberta hiring more paramedics and buying new ambulances, none for Red Deer

Red Deer Mayor Tara Veer is not concerned the provincial government didn’t… Continue reading

‘My nightmare began again’: Close call as bus carrying Humboldt crash survivor rear-ended

CALGARY — A terrifying ordeal for Humboldt Broncos survivor Ryan Straschnitzki this… Continue reading

Halifax airport operations normalize after Boeing 747 runway overshoot

HALIFAX — The Halifax Stanfield International Airport has resumed normal operations a… Continue reading

Bentley family left without a home grateful for community support

Central Albertans are coming together to support a Bentley family left homeless… Continue reading

Red Deer RCMP ready for new mandatory alcohol screening law

Red Deer RCMP are ready to enforce a new law intended to… Continue reading

WATCH: Red Deer and District Kennel Club Dog Show at Westerner Park

The Red Deer and District Kennel Club is holding a dog show… Continue reading

Pence aide out of running to be Trump’s next chief of staff

WASHINGTON — President Donald Trump’s top pick to replace chief of staff… Continue reading

Swath of South faces wintry mess: Snow, sleet, freezing rain

CHARLOTTE, N.C. — A massive storm brought snow, sleet, and freezing rain… Continue reading

‘I killed my best friend’: Opioids’ fatal grip on mayor, pal

MOUNT CARBON, Pa. — Janel Firestone found her son — the 24-year-old,… Continue reading

Brothers, 20, face second-degree murder charge in death of teen: police

MISSISSAUGA, Ont. — Police west of Toronto say two brothers have been… Continue reading

A young mayor, his friend, and a fatal attraction to opioids

MOUNT CARBON, Pa. — Janel Firestone found her son — the 24-year-old,… Continue reading

GM fights to retain key tax credit amid plant closing plans

WASHINGTON — General Motors is fighting to retain a valuable tax credit… Continue reading

TTC union asks provincial government to step in on transition to Presto

TORONTO — The union representing transit workers in Canada’s most populous city… Continue reading

Small pot growers find roadblocks on path to microcultivation licences

Yan Boissonneault’s daughter was turning blue. Without warning, his baby had stopped… Continue reading

Most Read