加拿大统一证券法的宪法障碍

Constitutional Obstacles for a Uniform Securities Act in Canada

加拿大是主要工业国家中唯一没有全国性统一证券监管机构的国家,加拿大也尚无统一证券立法。联邦和省级政府立法权限划分的宪法问题极大程度上阻碍了加拿大统一证券法70余年的尝试。2011年加拿大最高法院一致否决了联邦政府提出的《加拿大证券法(草案)》,且裁定联邦证券监管机构违宪,加拿大统一证券法之路似乎越发艰难。

Canada is the only country without national securities regulator among major industri- alized countries＇. Canada has no uniform securities act. The efforts over 7 decades to create a nation- al securities regulator as well as a uniform securities act have been blocked to large extent by such constitutional predicaments as power di-dsion and constitutionality. In 2011, Supreme Court of Cana- da unanimously denied Canadian Securities Act （draft） proposed by the federal government, and ruled a national securities regulator invalid. It has seemed it is still long to go.