B.C.: conditional support for securities regulator
Finance Minister Colin Hansen says British Columbia likes Ottawa’s plans to regulate stock exchanges across Canada, but the province isn’t ready to offer its full support just yet.
Ottawa is sending proposed legislation to create a national securities regulator position to the Supreme Court of Canada, asking it to rule on whether the federal government has the power to create the post.
Alberta and Quebec are firmly opposed, saying Ottawa does not have the power to overstep what they consider provincial jurisdiction. Hansen said British Columbia supports the principle of a national securities regulator, but the court must settle the constitutional issues before the plan can move ahead.
The issue could be before the courts for two years. Ottawa first proposed a national securities regulator in 1935.
