What’s Next for Canada?
Securities Regulation After the Reference
For many years lawyers, policy makers, scholars, and investors have debated the merits of, and the necessity for, a national securities regulator in Canada. Most have agreed that the status quo is unacceptable as a model of securities regulation. However, in December 2011 the Supreme Court of Canada, in the Reference Re Securities Act, held that a national securities act, as proposed by the federal government, would represent an intrusion by Parliament into provincial constitutional powers. The Court’s judgment raises the question of whether Canadian markets can continue to operate within the current, fragmented system, or whether the federal and provincial governments can work together to achieve a national model based on cooperation. This timely volume represents an effort by 17 leading academics and practitioners to contribute to the ensuing public policy debate. The book analyzes the Reference decision, examines its implications for both constitutional and administrative law in Canada, and raises important questions about the future of security regulation in Canada.
What’s Next For Canada? is essential reading for all those concerned with the future of Canadian security markets and the regulatory framework within which they operate, as well as those interested in the broader constitutional dimensions of this issue.
Anita Anand is a professor at the Faculty of Law at Toronto and served as associate dean (JD program) at the faculty from 2007 to 2009. She is the academic director of the Faculty of Law’s Centre for the Legal Profession. Professor Anand has conducted research for the Five Year Review Committee, the Wise Person's Committee, and the Task Force to Modernize Securities Legislation in Canada. She is the inaugural chair of the Ontario Securities Commission's Investor Advisory Panel. Her main research areas relate to the regulation of capital markets and include a focus on corporate and securities law, as well as prudential regulation.