Thursday, July 9, 2009

Quebec To Fight Federal Securities Regulator Plan

Vincent Lacroix, former head of the investment firm Norburg,
heads to court in an undated file photo.

From The CBC:

The Quebec government is planning a legal challenge to any national securities regulator because it would violate the province's constitutional and jurisdictional rights, Finance Minister Raymond Bachand said Wednesday.

Securities regulation is a provincial power, but the federal government is pushing for a national body in place of the provincial and territorial securities commissions to fix what Finance Minister Jim Flaherty has called a "glaring weakness."

Read more ....

My Comment: On the day that Quebec decides to attack the Federal Government's regulatory proposals .... Vincent Lacroix is released on bail .... showing once again why the provincial government has failed in protecting our money.

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