In mid-October 2009, the federal government took additional
steps to advance its objective to establish a Canadian securities
As we reported in our
August 2009 issue, the federal government is pressing ahead
with its plans to establish a single Canadian federal securities
regulator pursuant to the recommendation of the Expert Panel on
Securities Regulation in Canada in its final report, published on
January 12, 2009.
On October 15, 2009, the federal Minister of Finance announced
the appointment of the members of the Advisory Committee of
Participating Provinces and Territories to the Canadian Securities
Transition Office. Members of the Advisory Committee have been
nominated by the three territories and seven of the 10 provinces
— missing are Québec, Manitoba and Alberta, which
oppose the establishment of a Canadian securities commission.
The Advisory Committee will provide advice to the Transition
Office on the transition to a Canadian securities regulator,
helping to ensure that the interests of each of the participating
governments are represented.
On October 16, 2009, one day after the appointment of the
Advisory Committee, the federal Minister of Justice and Attorney
General of Canada announced that the Government of Canada will seek
the opinion of the Supreme Court of Canada as to whether Parliament
has the constitutional authority to enact and implement a federal
securities regulatory regime. As part of this constitutional
reference, the federal government will submit to the Supreme Court
of Canada draft legislation, which is expected to be ready in
As we previously reported, the government of the Province of
Québec announced on July 7, 2009 that it would launch a
constitutional reference in the Québec Court of Appeal for
an opinion with respect to the decision of the federal government
to proceed with the creation of a federal securities regulator.
With the October announcement of the constitutional reference to
the Supreme Court of Canada, the federal government has sought to
seize the initiative and move directly to the country's highest
court for a determinative answer on the issue.
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The Canadian Office of the Superintendent of Financial Institutions ("OSFI") recently ruled that a bank cannot promote comprehensive credit insurance ("CCI") within its Canadian branches under the Insurance Business (Banks and Bank Holdings Companies) Regulations (the "Regulations").
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