Securities Litigation

The Quebec Court of Appeals recently held in an advisory opinion that Canada's attempt to create a national securities regulation scheme with the voluntary participation of the provinces is unconstitutional. Canada's Constitution Act of 1867 grants provinces exclusive authority to regulate securities within their provincial lines. In 2011, the Supreme Court of Canada struck down the Canadian Securities Act, which attempted to establish a central regulation scheme on the basis that the Constitution granted securities regulation power to the provinces.

In an effort to get ...