Securities Law in Canada

Tue, 07 Jul 2026 00:00:00 +0000

The Provincial Regulatory System

Securities law in Canada is distinguished from most developed economies by its provincial and territorial regulatory structure. There is no federal securities regulator; each province and territory has its own securities act and regulator. This system emerged from s. 92(13) of the Constitution Act, 1867 (property and civil rights) and was entrenched by the Supreme Court in Reference re Securities Act, 2011 SCC 66, which struck down the proposed Canadian Securities Act for lacking the “singleness, distinctiveness and indivisibility” required under the federal trade and commerce power.

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Securities Law in Canada

The Provincial Regulatory System