Reference re Securities Act
Canada Supreme Court
2011 SCC 66, 3 S.C.R. 837 (2011)
- Written by Mary Katherine Cunningham, JD
Facts
In 2010, the federal government of Canada enacted the Securities Act. The Securities Act aimed to create a unified national securities regulation system. The Securities Act allowed provinces to opt into the system, which included registration requirements for securities dealers, prospectus filing requirements, and disclosure requirements. The Securities Act also created a framework for the regulation of derivatives along with civil and criminal penalties for violations. Several state governments protested the enactment, and the federal government sought an advisory opinion on the constitutionality of the Securities Act. The Canadian government, the attorney general of Ontario, and supportive interveners argued the act was a constitutional exercise of the legislative power of the Parliament to regulate trade and commerce. The attorneys general of Alberta and Quebec countered that the Securities Act violated the legislative jurisdiction of the provinces over property and civil rights granted to the provinces under Section 92(13) of the Constitution Act, 1867. Other opponents of the Securities Act also argued the act violated the provincial jurisdiction over local or private matters granted under Section 92(16) of the Constitution Act, 1867.
Rule of Law
Issue
Holding and Reasoning (Per curiam)
What to do next…
Here's why 815,000 law students have relied on our case briefs:
- Written by law professors and practitioners, not other law students. 46,300 briefs, keyed to 988 casebooks. Top-notch customer support.
- The right amount of information, includes the facts, issues, rule of law, holding and reasoning, and any concurrences and dissents.
- Access in your classes, works on your mobile and tablet. Massive library of related video lessons and high quality multiple-choice questions.
- Easy to use, uniform format for every case brief. Written in plain English, not in legalese. Our briefs summarize and simplify; they don’t just repeat the court’s language.