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This article was published 11/2/2011 (3946 days ago), so information in it may no longer be current.
Manitoba will fight a plan by Ottawa to establish a national securities regulator, Finance Minister Rosann Wowchuk said Friday.
Wowchuk said the province will appear before the Supreme Court of Canada on April 13-14 to argue that securities regulation should be a matter of provincial jurisdiction.
Securities regulation had been left up to the provinces, but last May the federal government released the proposed Canadian Securities Act to create a national securities regulator. Federal Finance Minister Jim Flaherty referred the matter to the Supreme Court for a ruling to find out if Ottawa has the constitutional authority to do so. Canada is the only country in the G20 without a national securities regulator.
It's expected the Supreme Court will not rule on the matter for at least six months.
B.C., New Brunswick and Saskatchewan have expressed similar concerns that Ottawa is overstepping its bounds in wanting to form a centralized watchdog to oversee all of Canada's capital markets. Ontario, home to Canada's largest stock market, has been a leading supporter.
Canada's securities industry is administered independently by the provinces and territories, although jurisdictions co-operate under what is called the "passport" arrangement, which Ottawa argues is cumbersome, costly and ineffective.
A national securities regulator has been recommended by both the International Monetary Fund and the Organization for Economic Co-operation and Development.