Supreme Court of Canada blocks PC plan to create a National Securities Regulator, Tories invite PNOY to Canada
PNOY to teach Harper how to deal with Supreme Court
TORONTO, Canada - Finance Minister Jim Flaherty suddenly has an extra $150-million in his pocket thanks to the Supreme Court’s decision to reject his plan for a national securities regulator.
Nearly three years ago, Mr. Flaherty squirrelled away millions of dollars in his 2009 budget, promising it would be used to help the government move “quickly” to create a national securities regulator with willing provinces.
Mr. Flaherty said last month that his government would respect the opinion of the Supreme Court of Canada, which declared that Ottawa’s proposed legislation to create a national securities regulator was unconstitutional.
The court said the day-to-day regulation of securities markets is clearly under provincial jurisdiction, and, therefore, the proposed federal law went too far in trying to claim those powers for Ottawa. However, the court did suggest that a cooperative solution could still be reached in which the federal government focuses on systemic risk to the economy while provinces directly manage securities markets.
Only one province, Ontario, supported Ottawa’s plan.
While the $150-million will now be spent elsewhere, Ottawa has spent more than $15-million to date on a Canadian Securities Regulation Regime Transition Office. The office – set up to draft an action plan that would have kicked in had the Supreme Court given Ottawa the green light – built up a staff of 40 people.
Meanwhile, there are reports that Prime Minister Stephen Harper of Canada will be meeting with Philippine President Aquino on how to deal with the Supreme Court. Harper believes they have a lot in common with Aquino. Both were elected to a majority. Both are claiming to be pursuing reforms. And both have been blocked by the Supreme Court from pursuing those reforms.
It is not known whether Harper will also file charges against the wife of each SC judge in Canada, as what happened to the wife of Philippine Supreme Court Chief Justice Corona.
However, everything is on the table as Harper and Aquino form a mutual admiration society. Sources cannot say when Aquino will arrive in 2012. The schedule is still being ironed out.
Already, the Filipino community and media in Toronto is already orgasmic about Aquino’s arrival.
Meanwhile, senators, congressmen and other Philippine politicians are wondering how to put aside money like Flaherty’s $150 million, propose a reform that will be turned down and keep the money. They also plan to meet with Canada’s Finance Minister Jim Flaherty. The Filipino community and media is not so orgasmic on this meeting.