The Supreme Court continued its hearings today on the reference case considering the constitutionality of the proposed federal Securities Act. While a number of interveners, including the Attorney General of Ontario, FAIR Canada and the Canadian Coalition for Good Governance made submissions in favour of the federal scheme, a number of provinces lined up to oppose the initiative. Specifically, New Brunswick, Manitoba, British Columbia and Saskatchewan argued that the proposed legislation is outside the jurisdiction of the Parliament of Canada. Not surprisingly, the Supreme Court reserved its decision.
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