The head of the agency established to lead Canada to a national securities regulator has said that he expects holdout provinces Quebec and Alberta to sign up to the plan before the Canadian Securities Regulatory Authority is launched in 2012. Although the CSRA would have regulatory powers over Canada's 13 provinces, Alberta and Quebec have challenged the federal government's plans in the provincial courts. The provinces have argued that securities regulation falls under provincial jurisdiction and the move for a national regulator is unconstitutional.
In a speech at the Benjamin Cardozo School of Law in New York, Doug Hyndman, the chairman and chief executive of the Canadian Securities Transition Office, said that he expected the two provinces to join the plan for a national regulator in the future. "Assuming the Supreme Court doesn't surprise us I'm hopeful the two provinces will come in on day one," Hyndman said.
In his speech, Hyndman said the financial crisis had shown that
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