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news 2009 a pivotal year in quest for a single regulator Government takes securities issue to Supreme Court of Canada BY KELLY HARRIS S ecurities law in 2009 was marked with a number of moves aimed at one day achieving the federal government's goal of having a single national regulator. Many of the decisions dealt with GIFFIN KOERTH harmonization and transition. These were followed by an announcement the federal government would seek an opinion of the Supreme Court of Canada on the constitution- ality of its proposed securities legislation. SMART FORENSICS How you look at it matters There's more to smart forensics than superb science and a knack for solving puzzles. Here's our view on what makes a preferred partner. 360 Services The real world is complex. Forensic files mirror that complexity. So should forensic services. Unshakeable Science To win more cases and settle to greater advantage, do the forensics first. Clear Communications Your case is not compelling unless it's clear – and the telling holds up under fire. Collaborative Work Style Today's cases are simply too involved for people to work on their own. Vital Culture People make a difference – especially when you make a difference for them. If you see it the way we do, give Chris Giffin a call at 416.368.1700. Giffin Koerth is located in downtown Toronto at 40 University Ave., Suite 800, M5J 1T1 But what seemed to raise the ire of Quebec, one of the two provinces most likely to reject a single regulator, was the Oct. 15 announcement of an advisory committee of participating provinces and territories for the Canadian securities regu- lation regime. The committee included representatives from Ontario, Nova Scotia, New Brunswick, British Columbia, Prince Edward Island, Saskatchewan, Newfoundland and Labrador, Northwest Territories, Yukon, and Nunavut. "Today's announcement marks another step in the federal government's plan that encroaches on the provinces' responsi- bilities over securities regulation, even though they are doing their job very well," said Quebec Finance Minister Raymond Bachand following the announcement of the advisory committee. "It is difficult to maintain, without any proof, that a centralized organization would necessarily be better than a group of decentralized organizations. Recent events with our neighbours to the south have shown clearly that an organization's size does not equate to skill or better pro- tection for savers." Bachand also pointed out that Quebec was not the only province or territory left off the list. Alberta, the other potential holdout province, was also absent from the advisory committee. Still, if federal Finance Minister Jim Fla- herty ever does realize his goal of a single national securities regulator tracking investments and financing activities across the country, then 2009 will go down as a pivotal year. Flaherty began the year by making the www.giffinkoerth.com FORENSIC ENGINEERING • FORENSIC ACCOUNTING • COMPUTER FORENSICS 10 December 2009 ntitled-1 1 11/27/08 2:18:03 PM single regulator a priority in his 2009 budget. A key part of that plan included a commit- ment on the part of the federal government to "work with willing partners to establish a Canadian securities regulator that respects constitutional jurisdiction, regional inter- ests, and expertise." The plan started to take shape in June and July. First, there was the appointment of Doug Hyndman to run the transition office.