The Quebec government says that with six provinces now opposing the creation of a national securities regulator, it was right to resist the federal effort.

Alberta, British Columbia, Manitoba, New Brunswick, and Saskatchewan have joined Quebec, in filing briefs with the Supreme Court of Canada opposing the federal government’s proposal. Ontario is the only province that has filed a brief in support. The Supreme Court hearing is slated for mid-April.

Quebec says that this situation shows that it “was right to initiate opposition to the federal proposal by seeking a reference to its court of appeal.”

Alain Paquet, Quebec’s Minister for Finance, observed that, “contrary to what some may have thought, Quebec’s decision to contest the federal proposal before the courts was made in the interests of defending federalism. It is necessary to maintain a balance in the division of powers among jurisdictions, and most of the provinces now share this view.”

“The federal initiative to take over the provinces’ power to regulate securities would, if it were to receive constitutional recognition, have significant consequences on the balance of powers between Ottawa and the provinces, and that is why most of the provinces have decided to appear before the Supreme Court to oppose it,” added Raymond Bachand, the Minister of Finance and Minister of Revenue.

IE