Canada is one of the only industrialized countries in the world that does not have a national securities regulator. Instead, it has a nationwide patchwork of thirteen securities commissions – one for each province and territory. The reason for this patchwork is Canada’s Constitutional division of powers between the federal and provincial governments. Because of their jurisdiction over property and civil rights and matters of a purely local nature, the provincial legislatures have the authority to legislate in respect of the securities trade within their respective borders. Despite more than 80 years of attempts to centralize and standardize Canadian securities regulation, all ... [more] Full article