Supreme Court opens door to national securities regulator — The Globe and Mail

Lawrence E. Ritchie

Nov 9, 2018

Osler partner Larry Ritchie tells The Globe and Mail that with the Supreme Court of Canada (SCC) endorsing legislation to create a Pan-Canadian securities regulator, “political will” is needed for it to move forward. In their article, authors Tim Kiladze, Sean Fine and Alexandra Posadzki examine the November 9, 2018 SCC decision in Reference, re Pan-Canadian Securities Regulation, in which the SCC unanimously upheld the constitutionality of a proposal to implement a national co-operative capital markets regulatory system currently embraced by the federal government and six of 13 territorial governments (read Osler’s blog post on the decision). Larry, Chair of Osler’s cross-disciplinary Risk Management and Crisis Response Group, explains.

While the ruling “confirms that the legal framework, including the governance regime that was directed by the first Supreme Court reference, has a sound constitutional basis, what now needs to follow is the political will of the participants to get it past the finish line,” Larry tells The Globe and Mail.

The article also goes on to explain the political hurdles that will need to be overcome and weighs the impact of a proposed Pan-Canadian securities regulator, to be known as the Capital Markets Regulatory Authority.

If you subscribe to The Globe and Mail online, read Tim Kiladze, Sean Fine and Alexandra Posadzki’s November 9, 2018 article “Supreme Court opens door to national securities regulator.”