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BEFORE CHRIST. Finance Minister Carole James has reacted cautiously to the Supreme Court decision.
Don Craig | Government Communications
The Supreme Court of Canada has ruled that a plan to create a national securities regulator, including British Columbia, is constitutional.
BEFORE CHRIST. Previously, she had taken the initiative to create a multi-provincial capital markets regulator, but the provincial finance minister, Carole James, reacted cautiously Friday to the decision of the high court that could pave the way for the setting up of a new cooperation system.
"The first priority of our government is to protect the people of British Columbia. We believe that there are opportunities for British Columbia. in a pan-Canadian approach to these types of financial market protection and regulation. But we also know that we need to prioritize reducing the number of white collar crimes in British Columbia, "said James in a written statement.
James said the province would take the time to review and badyze the court's findings.
Canada is the only major industrialized country that does not have a national securities regulator. Instead, each province and territory has its own securities laws and its own oversight body.
Proponents of the national concept believe that this would eliminate duplication, reduce red tape and ensure more consistent application of laws and investor protection.
James highlighted the efforts of British Columbia. The NDP government, which took power in 2017 with the support of the Green Party after 16 years of BC. The Liberal government has already begun to fight white collar crime. The government has set a target of laundering money in casinos, has made changes to expose real estate owners and has launched a panel on money laundering in the United States. ;immovable.
James also commissioned the BC The Securities Commission will improve its collection of penalties and the rights of financial fraudsters, and also promises provincial changes to improve both. The action followed a Postmedia investigation that revealed that more than half a billion dollars in penalties imposed on securities commissions had not been collected in the last decade and that criminal prosecutions were rare. . Another survey conducted in 2017 by Postmedia uncovered money laundering in British Columbia. the casinos.
James: "White-collar crime is not an easy problem to solve. But after years of neglect, our government is rolling back its sleeves to ensure that citizens' investments are protected and (we continue) the important work of modernizing our securities regulator and improving their powers. application.
The effort to put in place a national regulator goes back half a century. Work on the last iteration, the regulatory system for cooperative financial markets, began in 2013. Ontario, Saskatchewan, New Brunswick, Prince Edward Island and Yukon as well as the federal government, are also among the participants.
Alberta and Quebec were opponents, with Quebec issuing a partial court challenge to which the federal government appealed the decision to the Supreme Court of Canada.
The new cooperative regulatory system was supposed to be in place this year, but the timing has been called into question, partly because of legal difficulties.
What are the next steps, or when they could happen, is not clear.
The BC Securities Commission, involved in the transition to the new system, did not respond to a request for comment on Friday.
The federal government said Friday that it would also consider the decision carefully.
Discussions with participating provinces to develop a system of cooperation will continue, said Finance Ministry spokesman Pierre-Olivier Herbert in a written statement.
Ottawa will also continue discussions with provinces and territories opposed to the cooperation system "to ensure that views and concerns continue to be shared and taken into account," said Herbert.
The transition to the co-operative system includes a common regulator, a cabinet of ministers to oversee, a model law that provinces and territories could adopt, and federal legislation to manage systemic risk, allowing for data collection and case processing. criminal.
– with file from the Canadian Press
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