Supreme Court of Canada decision on national securities regulator22 December 2011
SAINT JOHN (CNB) – The following statement was issued by David Barry, chair and chief executive officer of the New Brunswick Securities Commission, in reaction to the decision handed down today by the Supreme Court of Canada on the question brought forward by the federal government regarding whether securities regulation is within the legislative authority of the Parliament of Canada:
“The decision of the Supreme Court of Canada has been long-awaited and it will now take some further time for the government to thoroughly consider the decision and its implications. In the meantime, the New Brunswick Securities Commission continues to be responsible for the administration of securities law in New Brunswick and will continue to participate in and contribute to the co-ordination of securities regulation in Canada through the Canadian Securities Administrators.”
As an independent provincial Crown corporation, the commission oversees the capital markets in New Brunswick and regulates those that sell or manage securities. Its mandate is to protect investors from unfair, improper or fraudulent practices, and to foster fair and efficient capital markets and confidence in capital markets. The commission is funded by regulatory fees paid by those operating in the investment industry including public companies, mutual funds and more than 7,000 registered individuals and firms.