Supreme Court Rules Securities Act Not Valid Under Commerce Clause
The judgment of the Supreme Court of Canada in the Reference re Securities Act 2011 SCC 66 has just been released. The opinion of the Court—a single judgment—finds, in sum, that:
. . . [more]This is not a case of a valid federal scheme that incidentally intrudes on provincial powers. It is not the incidental effects of the scheme that are constitutionally suspect; it is rather the main thrust of the legislation that goes beyond the federal power. . . .
The Securities Act as presently drafted is not valid under the general branch of the federal power to regulate trade and commerce


