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What’s the impact of the Supreme Court’s national securities regulator ruling?

Patrick J. Monahan, vice-president Academic and Provost at York University in Toronto, has written extensively on constitutional reform and public policy. He will take questions about the Supreme Court’s ruling.

  • Hi, I'm an editor with ReportonBusiness.com.

    Patrick J. Monahan, an expert on constitutional reform and public policy will join us online from 3 to 3:30 p.m. ET to take your questions on today's ruling. Send us a comment to submit a question before we begin.

    Here's what happened earlier today:

    Reporter Bill Curry writes: Finance Minister Jim Flaherty says Canada will not move ahead with its proposed Securities Act in light of the Supreme Court of Canada's decision to declare it unconstitutional.

    “We have the decision and we will respect it. It is clear we cannot proceed with this legislation,” said Mr. Flaherty in a brief statement circulated by his office. “We will review the decision carefully and act in accordance with it.”

    The Supreme Court unanimously declared the proposed Act unconstitutional, siding with provinces that insisted the day-to-day regulation of securities markets does not belong in federal hands.

    Mr. Flaherty had asked for the court’s opinion on the constitutionality of the proposed law, arguing that the lack of a uniform national body to regulate securities trading was a glaring weakness in Canada’s financial system.

    Read more in a full story here: Ottawa will not go ahead with securities plan: Flaherty

    Read an explainer by Streetwise writer Tim Kiladze here: Explaining the Supreme Court’s national regulator ruling
  • Read a new opinion column by Patrick J. Monahan: Securities reform goes back to the drawing board

    He writes: "The policy case for a single regulator is overwhelming. Public companies nearly always raise capital in multiple provinces; most securities are purchased by large institutional investors who like to diversify their holdings by owning investments in a variety of industries, from a variety of regions and, indeed, from a variety of countries; and securities are sold to buyers in multiple provinces (and countries)."
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