Legal news and trends for Canadian in-house counsel and c-suite executives
Issue link: https://digital.canadianlawyermag.com/i/50889
EDITOR'S BOX By Kelly Harris INHOUSE Group Publisher: Karen Lorimer Editorial Director Gail J. Cohen Editor: Kelly Harris Staff Writer: Glenn Kauth Copy Editor: Neal Adams Creative Director: Einar Rice Art Director: Bill Hunter Account Co-ordinator: Mary Hatch Publications Mail Agreement #40766500 ISSN 0703-2129 Copyright © 2009 G.S.T. Registration #R121349799 Advertising Sales Representatives Legal Suppliers: Kimberlee Pascoe Tel: (905) 713-4342 E-mail: kpascoe@clbmedia.ca Law Firms: Karen Lorimer Tel: (905) 713-4339 E-mail: klorimer@clbmedia.ca Kathy Liotta Tel: (905) 713-4340 E-mail: kliotta@clbmedia.ca Sales Co-ordinator: Sandy Shutt Tel: (905) 713-4337 E-mail: sshutt@clbmedia.ca Canadian Lawyer Magazine Inc. President: Stuart J. Morrison Canadian Lawyer InHouse is published 6 times a year by Canadian Lawyer Magazine Inc., 240 Edward St., Aurora, Ont. L4G 3S9 (905) 841-6480 Fax: (905) 727-0017. E-mail: canlawmag@clbmedia.ca. Web: www.canadianlawyermag.com/inhouse All rights reserved. Contents may not be reprinted without written permission. The opinions expressed in articles are not necessarily those of the publisher. Information presented is compiled from sources believed to be accurate, however, the publisher assumes no responsi- bility for errors or omissions. Canadian Lawyer InHouse disclaims any warranty as to the accuracy, completeness or currency of the contents of this publication and disclaims all liability in respect of the results of any action taken or not taken in reliance upon information in this publication. To subscribe Call 1-888-743-3551 x4355 or e-mail kschulz-lacey@clbmedia.ca RETURN UNDELIVERABLE CANADIAN ADDRESS TO: CIRCULATION DEPARTMENT 240 EDWARD ST., AURORA, ON L4G 3S9 Indexed in the Canadian Periodical Index www.canadianlawyermag.com/inhouse Securities law likely to remain fractured between the Government of British Co- lumbia and the Government of Alberta. It creates the second largest eco- T nomic region in the country, promoting cross-provincial border trade. It focuses on a few areas, including energy and investment. Energy and investment of course are at the core of Alberta's refusal to sign on to the idea of a voluntary single national securities regulator, the one so desired by federal Finance Minister Jim Flaherty. The idea also has detractors in Quebec, throwing at least the single part of the title into the hazard. So it stands to reason if a province like B.C. has an energy and investment agreement with Alberta, it may consider taking a pass on the federal securities regulator as well. I would also note at the time this was written, B.C. and Alberta were preparing to sit down with their Saskatchewan brethren, another right-wing government, to discuss the labour mobility part of the TILMA agreement. So imagine if these three like-mind- ed politicians come to an agreement, would it make more sense for them to have their own securities regulator or use Ottawa's? Particularly, if you con- sider B.C., Alberta, and Saskatchewan are all resource, and for that matter, petroleum provinces. This shows the difficulty in creating national boards especially when there is limited provincial buy-in. The federal government pronouncements of what they desire won't make it happen, and the voluntary clause of the arrangement ILMA, for everyone east of Medicine Hat, is the Trade, In- vestment, and Labour Mobil- ity Agreement, a partnership just goes to create more questions of the regulator's viability. I am not saying a national securities regulator isn't something we should strive for. I certainly am not saying the provinces shouldn't get on board and do away with the patchwork of systems acting as a deterrent to interna- tional investment. Those investors are not interested in having to deal with so many different levels of regulation. But what is clearly being demonstrated is the willingness of provinces to sidestep the federal government and create regu- lations and agreements that work for them individually. The only card the federal government has to play in these matters is the idea federal law is paramount. But it seems they are reluctant to use such a hammer, given they are making the board itself voluntary, at least in the beginning. As sad as this is to write, I don't fore- see a day when the regions of this coun- try will agree on anything wholeheart- edly. Securities law will continue to be fractured through different boards and agencies overseeing different regions, making it difficult to invest in Canada where there will be, at a minimum, three securities commissions, one in Quebec, one in the financial core, and the other in the resource hub. IH Correction: In the February issue of Canadian Lawyer InHouse Dorothy Byrne was identified as the general counsel for the Vancouver Olympic Committee, VANOC. Ms. Byrne was the general counsel for the Vancouver 2010 Bid Corp. and is vice president and corporate secretary for VANOC. Kenneth Bagshaw is the VANOC chief legal officer. INHOUSE APRIL 2009 • 3