Stephen Harper was interfering with provincial jurisdiction

New Democrats applaud decision on securities commission

Supreme Court decision proves Stephen Harper was interfering with provincial jurisdiction

December 22, 2011

OTTAWA – New Democrats expressed support today for the Supreme Court decision to reject an attempt by the Conservatives to establish a national securities regulator, saying this proves Stephen Harper was inappropriately interfering with provincial jurisdiction.
“New Democrats have always maintained that regulating securities trading is a provincial responsibility,” said New Democrat Leader Nycole Turmel. “The constitution makes it pretty clear what provincial duties are and today’s decision reflects that.”
New Democrats have long argued that eliminating the cooperation among provinces and territories will actually harm the economy—particularly in cities like Montreal, Vancouver and Calgary, where the regulators of financial markets are now based. The majority of provinces agree with the New Democrats and have opposed this move by Stephen Harper’s Conservatives.
“The provinces and territories have done a good job monitoring securities trading, so why fix something that isn’t broken?” Turmel said. “Stephen Harper tried to step on provincial toes, but fortunately the Supreme Court had other ideas.”
New Democrat Finance Critic Peter Julian (Burnaby – New Westminster) said that instead of interfering with the provinces, the federal government should focus on its own responsibilities.
“If the government is serious about cracking down on white-collar criminals and protecting economic integrity in Canada, it should start by ensuring the Office of the Superintendent of Financial Institutions is up to the task,” Julian said.