No headquarters yet for national securities regulator
OTTAWA - Drafters of the proposed new national securities watchdog released their road map for establishing the regulator Tuesday, but left undecided the issue of a headquarters.
Instead, the transition team headed by Doug Hyndman says the new regulator will have an office in each of the participating provinces.
The novel concept is believed to be an attempt to persuade provinces to cede their jurisdiction in the field and join the national body, which has faced formidable opposition from the beginning.
Two provinces -- Quebec and Alberta -- have pledged to contest the issue in court.
Meanwhile, Finance Minister Jim Flaherty has also asked the Supreme Court of Canada to rule on whether Ottawa has the power to create a national regulator.
A decision by the Supreme Court, which could theoretically stop the process on its tracks, is expected to take up to two years.
Currently, Canada is the only major industrialized country without a national securities regulator. Each province and territory has its own jurisdiction in the area, and co-ordinate their efforts through what is known as a passport system.
The transition team said the target date for launching the Canadian Securities Regulatory Authority as July 1, 2012.