Oh, that national securities regulator? Seems it depends which “nation” you’re talking about. La Presse reports (via Norm Spector):
Sources indicate that government lawyers are nervous about testing Quebec’s exclusive jurisdiction in court… The Charest government is preparing a fall-back plan that would permit its securities regulator to operate in parallel to the new pan-Canadian agency…which is the case for many programs—the Québec pension plan being one example…according to sources, this has been Ottawa’s plan all along.
So. Two “national” securities regulators, for the two “nations.” Once again there will be one law for the rest of the country, and another law for Quebec. And once again we will pretend that none of it matters, that we are still a functioning country, all appearances to the contrary.
PS What do you want to bet this eventually becomes the model for Senate reform, as well? As evidence, I offer Harper’s strenuous disavowals…