Quebec is not being swayed by the federal government’s push for a single, national securities regulator. The province said Monday that it intends to defend its jurisdiction.

In response to the news that the federal finance minister, Jim Flaherty, has appointed Doug Hyndman and Bryan Davies to lead the office to come up with a plan for a single securities regulator, Quebec’s minister of finance, Raymond Bachand, said that it will “do everything possible to protect its jurisdiction over this sector.”

“Under the constitution, securities regulation lies within provincial jurisdiction. The National Assembly has unanimously passed motions asking the federal government to abandon its plans to regulate securities,” he said.

“This project will only create uncertainty on markets, while the financial crisis is still with us. We should apply our energies to oversee markets and work towards economic recovery, not engage in debates over structure,” he added.

“The provinces and territories are carrying out their responsibilities in this sector very well. International organizations like the OECD and the World Bank have acknowledged as much by ranking Canada among the best in the world regarding investor protection,” Bachand noted.

IE