For several decades, various expert panels have examined the possibility of creating a national securities regulator in Canada. On May 26, 2010, the Government of Canada tabled for information in Parliament the proposed Canadian Securities Act, which would establish a Canadian securities regulator. The Attorney General of Canada concurrently referred the Act to the Supreme Court of Canada, asking whether the proposed Act is within the legislative authority of the Parliament of Canada. This case is set to be heard in April, 2011.
The newly-formed Canadian Securities Law Portal will serve as a vital hub of information about this complex issue. The Portal will address numerous questions concerning the ongoing battle for jurisdiction to regulate the Canadian securities markets, including: Does the Parliament of Canada have legislative authority to enact the proposed Act? Why is a Canadian Securities Regulator necessary? What legal structure will ultimately govern issuers, intermediaries, self-regulatory organizations, investors and other capital market stakeholders? Would the structure proposed under the Act be effective if implemented? What are its strengths and weaknesses?
The Portal aims to enable interested stakeholders on all sides of the debate to understand the major issues involved, to see the arguments being made by the various litigants, and to engage with the extensive literature addressing the proposed regulatory model. The intention is that the site will serve as a gateway for stakeholders to become engaged in an issue of vital concern to the regulation of Canada's capital markets. Is a national securities regulator the way forward for Canada? Follow the arguments and related debate at: http://www.securitieslawportal.ca.
Contributed by Professor Anita Anand and Adam Friedlan.
