For many years, the Canadian government has wanted to install a national securities regulator in place of the many provincial regulators now handling that role. As I previously discussed in detail here, in 2009 a federal panel in Canada recommended that the country establish a single securities regulator “that can move with greater speed alongside other domestic and international regulators to address financial instability.” In December 2011, however, the Supreme Court of Canada unanimously held that the government’s proposed legislation was unconstitutional. In Canada, securities regulation has long been considered to be an area squarely within provincial jurisdiction, leaving Canada as the only country in the G20 without a national securities regulator
