Constitution exams for NCA this article will help a lot.

The Supreme Court ruling against the federal governments plan to set
up a national securities regulator leaves the door open for a more
cooperative process something B.C. has been calling for all along.
The Supreme Court ruled that the federal governments proposed
legislation is unconstitutional, and that oversight of the investment
industry fits squarely within the property and civil rights powers that
are assigned to the provinces by the Constitution.
The decision of the court appears to leave a door open to a more
cooperative approach between the provinces and the federal
government, said Kevin Falcon, B.C.s finance minister and deputy
premier. I think the court has been generally supportive of B.C.s
position on a cooperative model.
We disagreed with the federal government interpretation of their
powers under the Constitution, but we agreed with where theyre trying
to get to, and I think this decision reinforces that position and ... opens
the door for the provinces to work together to do something in the
interest of Canadians.
The Supreme Court acknowledged that the federal government has
jurisdiction over matters such as systemic risk and data collection, but
Ottawa had tried to claim control over the securities business by
invoking its constitutional power over trade and commerce. The
Supreme Court ruled that the federal governments plan overstepped the
boundaries that case law has erected over time to prevent Ottawa from
overusing that power.
Yet the ruling does suggest that it would be possible for both levels of
government to seek common ground and share oversight of securities,
with the provinces able to look after the day-to-day aspects of the
industry and the federal government able to keep an eye on systemic
risk.
Vancouver lawyer Gordon Johnson called the decision vindication for
the approach B.C. has been calling for all along.
The B.C. position has generally been that they support a national
regulator, but it should be created in a collaborative way. The door thats
left open is pretty much the door that B.C. was arguing for the whole
time, said Johnson, a partner at Borden Ladner Gervais.
Falcon said a national system would have many benefits, as long as

provincial constitutional jurisdictions and responsibilities are respected.

In B.C. we have come to the conclusion after watching this and seeing
whats happened in the international financial markets over the last
decade, Falcon said. And its our view that having a multiplicity of
regulatory jurisdictions across the country in a patchwork manner is
probably not the best way in which to regulate a fast-changing industry.
Johnson said a national system would be more efficient for the economy,
and would protect investors equally as well as a provincial system.
This decision doesnt address at all whats best for the economy, either
nationally or provincially, Johnson said. I think that may be the key
thing to know about this decision. It addresses the constitutional issue,
but it doesnt address whats going to give better investor protection or
whats going to make the economy most efficient.
The root of a good securities system is that youve got people with
money and companies that need money, and how do you efficiently get
them working together so that the money flows to where it will have the
best effect, and also the effect the economy. I think a national system
would be best for that.
Federal Finance Minister Jim Flaherty said he will respect the courts
decision concerning his governments proposed national securities
legislation.
It is clear we cannot proceed with this legislation. We will review the
decision carefully and act in accordance with it, Flaherty said in a
statement.
Falcon said B.C. will continue to work with the federal government and
other provinces to come up with a collaborative solution.
My hope is that everyone steps back and reads the decision carefully
and then thinks about what is in the best interest of Canadians and our
regulatory system in terms of how best to oversee and regulate finance
markets, Falcon said in an interview.
Flaherty called it embarrassing to be the only country in the G20
without a single national regulator to provide oversight for the capital
markets. In May, 2010, he introduced the proposed act, which called for
the provinces to voluntarily join a scheme that would gradually transfer
regulation of securities to a single national regulator from the current
patchwork of provincial and territorial securities commissions.