On May 26, 2010, Canadian Finance Minister Jim Flaherty introduced legislation to establish a single national securities regulatory body to replace the current system managed by individual provinces and territories. The Canadian Securities Act would establish the Canadian Securities Regulatory Authority (CSRA), replacing the "passport" system, which allows provincial authorities to issue registration recognized nationwide, with a single national authority with voluntary provincial participation. The legislation would also redefine securities-related criminal offenses that would apply even in provinces not participating in the CRSA and would give concurrent prosecutorial jurisdiction to the federal and provincial governments. The legislation was then submitted to the Supreme Court of Canada to rule on the proposal's constitutionality, a process that is still underway. The governments of Quebec, Alberta and Manitoba have been critical of the legislation, prompting court challenges.
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