The Canadian government's efforts to install a national securities regulator in place of the many provincial regulators now handling that role continues to go nowhere fast. 

In January 2009, a federal panel in Canada recommended that the country establish a single securities regulator in order to strengthen enforcement and better serve investors. The panel stated at the time that turmoil from the developing financial crisis "has made it even clearer that Canada needs a single securities regulator that can move with greater speed alongside other domestic and international regulators to address financial instability.” Two years later, however, Canada remains the only country in the G20 without a national securities regulator, and yesterday the Alberta Court of Appeal held that the federal government's proposed legislation for a national securities regulator was unconstitutional. The court concluded that the proposed legislation intruded in an area "long considered to be clearly within provincial jurisdiction."

In addition to Alberta, the provinces of Quebec, Manitoba and New Brunswick have also raised strong objections, believing the legislation will usurp their authority. 10 provinces and territories are reportedly in favor of the plan. The Canadian Press reports that the federal government has asked the Supreme Court of Canada to provide a final opinion on the constitutionality of the proposed legislation.

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