December 22, 2011 / 5:08 PM / in 6 years

Flaherty: can't proceed with regulator plan

<p>Finance Minister Jim Flaherty speaks during Question Period in the House of Commons on Parliament Hill in Ottawa December 14, 2011. REUTERS/Chris Wattie</p>

TORONTO (Reuters) - Canada cannot proceed with its current plan to create a national securities regulator, following the Supreme Court’s ruling that the draft legislation was unconstitutional, Finance Minister Jim Flaherty said on Thursday.

The finance minister also said in a statement that Ottawa respects the court’s ruling and is reviewing the decision, and will act in accordance.

Reporting by Jennifer Kwan; editing by Rob Wilson

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