Top court sends Flaherty back to the drawing board for securities regulator

OTTAWA – If Finance Minister Jim Flaherty still wants a national securities regulator, the Supreme Court has left him an option to get a deal done with Quebec, Alberta and other provinces who have opposed the idea for years. Though the top court on Thursday turned down the minister’s plan for a single regulator, it acknowledged Ottawa has a role in addressing systemic risk to the financial system and left the door open for a national regulator if the provinces agree to a co-operative plan. “It is open to the federal government and the provinces to exercise their respective powers over securities harmoniously, in the spirit of co-operative federalism,” the court said.

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Top court sends Flaherty back to the drawing board for securities regulator