OTTAWA (Reuters) - The Supreme Court of Canada reserved its judgment on Thursday on the constitutionality of a proposed law to create a national securities regulator.
The federal government had asked the top court to rule ahead of time whether its bill to create the regulator would pass constitutional muster, in light of strong objections from Quebec and Alberta.
The intention of the bill is to replace the current patchwork of watchdogs in each of the 10 provinces and three territories with a single national regulator.
Prime Minister Stephen Harper said this week he would not proceed with the legislation if the court ruled against it. The court is expected to take several months to decide.
The Supreme Court case is titled: In the Matter of a Reference by Governor in Council concerning the proposed Canadian Securities Act, as set out in Order in Council P.C. 2010-667, dated May 26, 2010, No 33718.
Reporting by Randall Palmer; editing by Rob Wilson